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World

US CUSTOMS 07. 06. 2018.   >>  16:52 0

US CUSTOMS

To stop the growth of the EU, China immune

40 years ago China held only five percent of world steel production, 10 years ago it held third of it, and today every other tone of steel has its own "Made in China" mark.

1700 million tons of steel were produced globally last year, of which 831 million in China, eight times more than in Japan, 104 million tons a year.
The third is India with 101 million tones, and the fourth the United States that fell to only five percent of world production, i.e. about 81 million tons, which is too little for domestic needs.

Americans argue that China is dominating world steel and other goods production unfairly through high state subsidies, so in March, they imposed 25 percent tariffs on steel and 10 percent on aluminum to stop imports into the US.
The same duties also affect the most important US partners whose share in the world steel trade is significantly smaller.

The trade war always takes retaliation measures, so the world is waiting for the European Union to respond to the June extension of the customs.

The European Union has already notified the World Trade Organization of plans to levy duties on about $7 billion worth of US exports in response, with the aim of collecting $1.6 billion in tariff revenue.

 

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