Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Chile Strikes Back: Imposes Anti-Dumping Duties on Chinese Steel

Daniel Kim Views  

Reuters-Yonhap News

The Chilean government has decided to impose anti-dumping duties of up to 33.5% on two types of Chinese steel products that the domestic market with the prices. This comes amid a global trend of countering Chinese products, as evidenced by the U.S. government’s announcement on the 17th to raise tariffs on Chinese steel and aluminum by up to three times.

According to Bloomberg and other sources, the Chilean Price Distortion Prevention Committee announced on the 22nd (local time) that it had tentatively imposed a maximum tariff of 24.9% on Chinese steel bars and 33.5% on forged steel ball products (steel rolled into a spherical shape). The tariff policy will be maintained for six months until September.

This measure was taken in response to the requests of CAP, Chile’s largest steel company, and Molycop. The Chilean government has imposed anti-dumping duties on Chinese steel products six times since 2016. However, as cheap steel products are imported into Chile in large quantities under the Chinese government’s subsidy policy, domestic companies have faced a crisis, leading to louder calls for more robust responses. It announced in March that it would halt operations at its Biobío Province, Huachipato factory due to the cutthroat competition from low-priced Chinese steel. The Biobío provincial government and local workers urged the federal government to make a decisive move, saying, “If we raise tariffs on Chinese steel to North American and European levels, we can keep the factory running and protect up to 22,000 jobs.” Following this, the tariff imposition was implemented, and CAP rescinded its decision to stop factory operations that day.

The Chilean government’s decision could influence other economies in Latin America, such as Brazil and Colombia. These countries have been voicing their difficulties as cheap Chinese products flood their markets due to China’s domestic slowdown and tariff measures from significant countries. According to the Latin American Steel Association, the market share of Chinese products in the regional steel market has jumped from 15% in 2000 to 54% last year. The fact that Mexico suddenly raised its import steel tariffs to 25% last August is also seen as a measure to protect the domestic market. However, these countries are expected to find it challenging to establish tariff barriers due to fears of distorting relations with China, their largest trading partner.

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Why Google's Choosing Finland for Its AI Expansion
  • Unexpected Friendship: Elon Musk and South Korean President Yoon Suk Yeol
  • Target Slashes Prices on Thousands of Items: From Diapers to Dairy!
  • Apple Cuts iPhone Prices by Over 20% in China to Boost Sales
  • Gold Prices Hit All-Time High Amid Geopolitical Tensions and Fed Policy Optimism
  • Tesla's Big Push in China: Free Supercharging Miles for Early Birds!

Weekly Best Articles

  • President Biden’s Attempt to Appeal to Black Voters
  • North Korean Golfers Seen Wearing Nike Gear: Contraband or Elite Privilege?
  • Will Donald Trump’s Return as US President Boost Bitcoin Value?
  • U.S. Defense Vulnerability Exposed by Rising Climate Extremes
  • Amal Clooney Advocates for Arrest Warrants in War Crimes Case Involving Israel and Hamas
  • TikTok Video Praising Kim Jong Un Blocked: Sparks National Security Concerns in South Korea
  • Online Shopping Addiction? More Americans Buying During Work
  • U.S. and Allies Slam ICC’s ‘Outrageous’ Warrant Against Israeli Leaders
  • From Diplomacy to Outrage: How ICC’s Recent Decisions Complicate U.S. Foreign Policy
  • Kang Daniel to Close His Entertainment Business Following Major Scandals
  • Why Google’s Choosing Finland for Its AI Expansion
  • Unexpected Friendship: Elon Musk and South Korean President Yoon Suk Yeol

You May Also Like

  • 1
    TikTok Video Praising Kim Jong Un Blocked: Sparks National Security Concerns in South Korea

    ASIA 

  • 2
    Online Shopping Addiction? More Americans Buying During Work

    LIFESTYLE 

  • 3
    U.S. and Allies Slam ICC's 'Outrageous' Warrant Against Israeli Leaders

    WORLD 

  • 4
    From Diplomacy to Outrage: How ICC's Recent Decisions Complicate U.S. Foreign Policy

    WORLD 

  • 5
    Kang Daniel to Close His Entertainment Business Following Major Scandals

    ENTERTAINMENT 

Popular Now

  • 1
    South Korean Court Orders Parents to Pay Compensation in Place of Their Minor

    ASIA 

  • 2
    Steel Showdown: U.S. Industry Braces for Surge in Chinese Imports

    ASIA 

  • 3
    iPhone 16 Color Update: What's In and What's Out This Season

    LATEST 

  • 4
    Middle East Unrest Pushes Investors Towards Gold and Silver

    WORLD 

  • 5
    Marriage Reboot: Over Half of Married Couples Would Opt Out If Given a Second Chance

    LIFESTYLE 

Weekly Best Articles

  • President Biden’s Attempt to Appeal to Black Voters
  • North Korean Golfers Seen Wearing Nike Gear: Contraband or Elite Privilege?
  • Will Donald Trump’s Return as US President Boost Bitcoin Value?
  • U.S. Defense Vulnerability Exposed by Rising Climate Extremes
  • Amal Clooney Advocates for Arrest Warrants in War Crimes Case Involving Israel and Hamas
  • TikTok Video Praising Kim Jong Un Blocked: Sparks National Security Concerns in South Korea
  • Online Shopping Addiction? More Americans Buying During Work
  • U.S. and Allies Slam ICC’s ‘Outrageous’ Warrant Against Israeli Leaders
  • From Diplomacy to Outrage: How ICC’s Recent Decisions Complicate U.S. Foreign Policy
  • Kang Daniel to Close His Entertainment Business Following Major Scandals
  • Why Google’s Choosing Finland for Its AI Expansion
  • Unexpected Friendship: Elon Musk and South Korean President Yoon Suk Yeol

Must-Reads

  • 1
    TikTok Video Praising Kim Jong Un Blocked: Sparks National Security Concerns in South Korea

    ASIA 

  • 2
    Online Shopping Addiction? More Americans Buying During Work

    LIFESTYLE 

  • 3
    U.S. and Allies Slam ICC's 'Outrageous' Warrant Against Israeli Leaders

    WORLD 

  • 4
    From Diplomacy to Outrage: How ICC's Recent Decisions Complicate U.S. Foreign Policy

    WORLD 

  • 5
    Kang Daniel to Close His Entertainment Business Following Major Scandals

    ENTERTAINMENT 

Popular Now

  • 1
    South Korean Court Orders Parents to Pay Compensation in Place of Their Minor

    ASIA 

  • 2
    Steel Showdown: U.S. Industry Braces for Surge in Chinese Imports

    ASIA 

  • 3
    iPhone 16 Color Update: What's In and What's Out This Season

    LATEST 

  • 4
    Middle East Unrest Pushes Investors Towards Gold and Silver

    WORLD 

  • 5
    Marriage Reboot: Over Half of Married Couples Would Opt Out If Given a Second Chance

    LIFESTYLE 

Share it on...