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According to US media reports, US officials revealed that the Trump administration is considering issuing a presidential executive order. In order to reduce the huge US trade deficit, it is possible to investigate other countries' dumping practices in the United States.
The above-mentioned US officials said that the administrative order is still in the discussion stage, and the time for publication is not certain, but the relevant investigation will involve whether foreign companies dumped commodities such as steel and aluminum at the price below the market level, if the above investigation The results show that such an approach has an impact on the US trade deficit, which may lead to more tax restrictions on imported products. However, "what action is ultimately taken depends on the results of the survey, not the pre-set conclusions."
At the same time, according to information received by the First Financial Reporter, at a formal meeting of members of the World Trade Organization (WTO) on April 6th, local time, the US complained about Chinaâ€™s overcapacity in steel, and China abused trade remedy measures against the United States. It questions the commitment of the global trading system.
Earlier, the European Commission (hereinafter referred to as "the European Commission") made a final ruling on the anti-dumping case against hot rolled coils in China, levying an anti-dumping duty of 18.1 to 35.9% on hot-rolled coils exported from China, and the Director of the Trade Relief Investigation Bureau of the Ministry of Commerce. Wang Hejun said that overcapacity in steel is a global issue and countries should jointly respond. The implementation of trade protection measures will not only help to fundamentally solve the problem of global steel overcapacity, but will hinder the normal international trade order, which is not conducive to the sustainable development of the global steel industry.
Re-extracting steel overcapacity
The administrative order that Trump may issue is actually aimed at steel dumping in the United States.
In the past decade, the US steel industry has repeatedly filed dumping complaints against competitors from Europe and Asia. In 2015, the US Congress passed a bill to reduce the difficulty of appealing against unfair trade; in February 2017, the US Department of Commerce announced that it would impose more than 75% on certain types of Chinese steel (carbon steel and alloy steel fixed length plates and stainless steel strips). Anti-dumping duties, this anti-dumping duty will take effect and last for 5 years.
Earlier, the United States also launched an anti-dumping and anti-subsidy investigation on Chinese-made aluminum foil, and complained to China about the overcapacity of aluminum at the WTO.
However, the relevant events did not stop. Recently, a small number of senators from the US Congress are preparing new protests against the Chinese steel industry. Senator Amy Klobuchar sent a letter to Trump as a representative, urging him to respond to Chinaâ€™s dumping of US steel.
The senators pointed out in the letter that the steel industry has been in a downturn recently, and 13,600 Americans have lost their jobs. American domestic companies have suffered billions of dollars in losses, and steel from China "has the economic health and national security interests of our country." Caused a profound harm."
The US Trade Representative Office (USTR) has pointed out that in 2014, US steel imports increased by nearly 38%, but imports declined in 2015. At the same time, US steel exports have steadily declined over the past few years, falling by 17% between 2014 and 2015.
Coincidentally, according to the materials obtained by the First Financial Journalist, the representative of the United States at the WTO also raised the issue of overcapacity in steel during the recent formal meeting of the organization. During the meeting, the US representative described the situation as â€œdeveloping to a vital nodeâ€ and expressed concern about the Chinese steel and aluminum industries.
The representative of the US said that although China has taken specific measures for dumping products, it still intends to increase production. To this end, WTO members have no choice but to take more and more trade defense measures. For example, 16 of the 20 anti-dumping measures in the last month were aimed at China.
The Chinese side responded that it has eliminated a large number of steel and aluminum production capacity and has tried to inform the WTO of China's initiatives at the national and local levels. The Chinese side pointed out that the current anti-dumping measures against Chinese goods are numerous and can only indicate that these trade defense measures have been abused.
At the same time, WTO members seem to be experiencing a low tide of globalization and trade protectionism.
The Chinese side believes that the trade policy agenda submitted by the USTR to the US Congress last month is â€œa disturbing signalâ€ in the authority of the WTO dispute settlement body and the multilateralism that the United States should adhere to, while Chinaâ€™s abuse of the United States Trade remedy measures are "worry."
Prior to the campaign, the Trump team always believed that it could enhance the global competitiveness of American products while reducing the trade deficit, but it must be pointed out that the two are not compatible. Taking the steel industry as an example, the United States wants to increase trade barriers for foreign producers. So, although US steel companies can raise prices, as long as foreign companies can purchase steel at low prices, it is difficult for US companies to increase domestic steel costs. The transfer to export products is not good for enhancing the global competitiveness of US products.
EU chooses station team USA
The above-mentioned materials obtained by the First Financial Reporter show that when the US complained about China's overcapacity in the steel industry, the EU, Japan and Canada also expressed their concerns about global manufacturing excess capacity.
The EU said that there has been little progress in curbing the rapid growth of overcapacity in various industries, which may lead to more protectionist practices and a rebound in free trade.
Japan said that the G20 had similar discussions on this issue. Japan and the European Union, Mexico and the United States jointly proposed a subsidy negotiation proposal to help resolve overcapacity in the WTO Subsidies and Countervailing Measures Committee.
On the same day (April 6), the European Commission made a final ruling on the anti-dumping case against hot rolled coils in China, levying an anti-dumping duty of 18.1% to 35.9% on hot-rolled coils exported from China for a period of five years.
The European Commission said the investigation confirmed that the above products were dumped in Europe at a lower price. At present, the number of EU measures against unfair exports of third-party steel products has reached an unprecedented level: there are 41 anti-dumping and countervailing measures, 18 of which are aimed at products from China.
Wang Hejun said that China is highly concerned about the trade protectionism tendency that the European side has shown in the steel sector.
Wang Hejun said that the European Commission continued to use unfair and unreasonable "substitute countries" methods, and chose the United States to lay off high-level anti-dumping margins instead of nationals, which seriously damaged the interests of Chinese enterprises. China urges the EU to fully implement the international treaty obligations under the WTO and terminate the use of "substitute countries" to treat Chinese enterprises fairly, fairly and without discrimination.
â€œIn 2016, Chinaâ€™s steel exports to Europe have declined significantly. The European Commission has determined that Chinaâ€™s hot-rolled coil products pose a threat to the EU industry based on allegations, speculations and minimal possibilities, and lacks factual basis.â€ Wang Hejun said that China Urge the EU to correct the wrong practices as soon as possible and will take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.
Wang Hejun said that China has consistently advocated prudent, restrained and standardized use of trade remedy measures, resolved frictions through consultation and exchanges, industry cooperation, etc., to achieve mutual benefit and win-win results, and is willing to strengthen exchanges and communication with the EU to properly address the current steel industry. problem.
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