Thursday, May 26, 2016

Heavy Duty Trade War In Progress

I had to go there...

Reuters via ZH: May 26, 2016

"Corrosion-resistant steel from China will face final U.S. anti-dumping and anti-subsidy duties of up to 450 percent under the U.S. Commerce Department's latest clampdown on a glut of steel imports, the agency said on Wednesday."

"China's Commerce Ministry said it was extremely dissatisfied at what it called the "irrational" move by the United States, which it said would harm cooperation between the two countries."

"China will take all necessary steps to strive for fair treatment and to protect the companies' rights," it said, without elaborating."

"Last week the U.S. Commerce Department slapped punitive tariffs of more than 500 percent on Chinese cold-rolled flat steel, which is widely used for car body panels and appliances."

"But a trade war will hurt jobless consumers..."