US slaps China steel imports with fivefold tax increase
The US has raised its import duties on Chinese steelmakers by more than fivefold after accusing them of selling their products below market prices.
The taxes of 522% specifically apply to Chinese-made cold-rolled flat steel, which is used in car manufacturing, shipping containers and construction.
The US Commerce Department ruling comes amid heightened trade tensions between the two sides over several products, including chicken parts.
Steel is an especially sensitive issue.
US and European steel producers claim China is distorting the global market and undercutting them by dumping its excess supply abroad.
The Commerce Department also levied anti-dumping duties of 71% on Japanese-made cold-rolled steel.