Business
22:04, 26-Mar-2018
China calls for collaboration, not protectionism from EU in response to US tariffs
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China’s commerce ministry hopes the European Union may be prudent when applying protectionist measures and work out a solution to the chaos set off by protectionist tariffs imposed by the US, in response to EU’s recent safeguard investigation into steel imports.
The European Commission Monday said it would be a nine-month investigation on steel imports of all origins, to assess if Trump’s steep tariffs on steel and aluminum will result in much of the global capacity previously directed to the US, to reroute into the EU.
If necessary, the probe might result in imposition of import tariffs or quotas on up to 27 steel product categories, which would shield EU producers from excessive imports.
“We hope the EU and other nations enhance communication and cooperation to jointly deal with the chaos incited in the steel and aluminum industry by US protectionist measures,” said China’s commerce ministry in a statement.
Though China understands that the European Commission is taking a required step, it reminds the institution that it is nevertheless an incorrect move that would exacerbate trade friction, further damaging the global order.
This EU decision comes shortly after Trump Friday granted its closest trading partners, including the EU and Australia, temporary exemptions from the levy.