China enforces antidumping duties on EU

Beijing, Jun 29: China enforced anti dumping duties on some European steel screw products from Tuesday, Jun 29 in the mid of growing trade tension between the two sides, China and Europe.

Dumping is the act of charging a lower price for a good in a foreign market than one charges for the same good in a domestic market. This is often referred to as selling at less than "fair value."

The Commerce Ministry of China announced that the additional tariffs on imports of European carbon steel fasteners range from 6.1 percent to 26 percent for five years. The move follows a preliminary duty imposed last Dec 2009.

"China's fastener industry was hurt substantially and that has a causal effect with the dumping,'' said the ministry.

China and the European Union, World Trade Organization's biggest trade partner, have been involved in a fastener dispute.'' China Dec 2009 asked the WTO to examine the EU's charges on imports of Chinese steel fasteners. The EU slapped Chinese screw exporters with duties up to 85 percent Jan 2010. The two are also involved in disputes from shoes to steel.

China is the world's biggest steel producer and has confronts complaints that it is harming foreign producers by dumping steel in overseas markets.

OneIndia News