NEWSBREAK: China slaps 25% tariff on US steel [UPDATED]

China will impose tariffs of up to 25% on carbon and stainless steel imports from the United States beginning in June amid escalating trade tensions between the two countries.

These form part of $60 billion worth of US products that China imports.
The bulk of the steel products listed by China’s Ministry of Finance face the heftiest tariffs of 20-25% from June 1. These include billet, hot-rolled coil, cold-rolled coil, hot-dipped galvanized flat steel, color-coated steel, hot-rolled bar and rod, and structural steel, as well as various types of stainless steel products.
Other steel products will incur a 10% tariff.
Currently, China has a 5-10% tariff on US steel products.

"The US’ 25% tariff has escalated Sino-US economic and trade friction, and is not in line with both countries’ consensus to resolve differences through negotiations. The tariff also jeopardizes the...

Published

Paul Lim

May 14, 2019

08:20 GMT

Singapore