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 interests of both countries...

Published

Paul Lim

May 14, 2019

08:20 GMT

Singapore