China has scrapped safeguard tariffs on five types of steel products imported from Japan, South Korea, Russia, Ukraine, Taiwan, Germany and Kazakhstan, state media said yesterday.
"In light of current developments in the steel market and with the approval of the State Council, the ministry has decided to end safeguard tariffs on steel imports, effective from Dec. 26," the commerce ministry said in a statement.
Following the US
The move follows a decision by the US to rescind steel tariffs earlier this month.
China imposed the tariffs on cold-rolled thin plate steel, hot-rolled thin plate steel, cold-rolled stainless steel, pre-coated galvanized steel and non-grain-oriented silicon steel for three years in November last year.
Like their US counterparts, Chinese household appliance and auto manufacturers have been complaining bitterly about the tariffs since their imposition, and have been lobbying hard for their removal.
More imports
A spokesman for Baoshan Iron and Steel Co (
Baoshan's vice-president and chairman Ai Baojun said earlier this week that, in the face of surging domestic demand, inadequate capacity will be one of the company's key challenges in the new year.
The Baoshan spokesman echoed this view, saying Chinese demand for steel prompted the decision to drop the tariffs.
Analysts said China's tariffs had started looking incongruous after the US admitted defeat, and the EU dropped its own countermeasures.
"China has to consider its role as a member of the WTO in reacting to the US and EU's actions," said Xu Aihua, an analyst with Antaike Information Development Co, a consultancy under the China Iron and Steel Industry Association.
"[It is] similar to its decision follow suit after the US and EU imposed protective measures last year," she said.
Ministry of Commerce figures show China imported 31.05 million tonnes of steel products in the 10 months to October, a 51 percent increase from the same period last year.
Chinese steel exports rose 28.7 percent from a year earlier to 5.71 million tonnes for the same period.
TARIFFS: The global ‘panic atmosphere remains strong,’ and foreign investors have continued to sell their holdings since the start of the year, the Ministry of Finance said The government yesterday authorized the activation of its NT$500 billion (US$15.15 billion) National Stabilization Fund (NSF) to prop up the local stock market after two days of sharp falls in reaction to US President Donald Trump’s new import tariffs. The Ministry of Finance said in a statement after the market close that the steering committee of the fund had been given the go-ahead to intervene in the market to bolster Taiwanese shares in a time of crisis. The fund has been authorized to use its assets “to carry out market stabilization tasks as appropriate to maintain the stability of Taiwan’s
STEEP DECLINE: Yesterday’s drop was the third-steepest in its history, the steepest being Monday’s drop in the wake of the tariff announcement on Wednesday last week Taiwanese stocks continued their heavy sell-off yesterday, as concerns over US tariffs and unwinding of leveraged bets weighed on the market. The benchmark TAIEX plunged 1,068.19 points, or 5.79 percent, to 17,391.76, notching the biggest drop among Asian peers as it hit a 15-month low. The decline came even after the government on late Tuesday authorized the NT$500 billion (US$15.2 billion) National Stabilization Fund (國安基金) to step in to buoy the market amid investors’ worries over tariffs imposed by US President Donald Trump. Yesterday’s decline was the third-steepest in its history, trailing only the declines of 2,065.87 points on Monday and
TARIFF CONCERNS: The chipmaker cited global uncertainty from US tariffs and a weakening economic outlook, but said its Singapore expansion remains on track Vanguard International Semiconductor Corp (世界先進), a foundry service provider specializing in producing power management and display driver chips, yesterday withdrew its full-year revenue projection of moderate growth for this year, as escalating US tariff tensions raised uncertainty and concern about a potential economic recession. The Hsinchu-based chipmaker in February said revenues this year would grow mildly from last year based on improving supply chain inventory levels and market demand. At the time, it also anticipated gradual quarter revenue growth. However, the US’ sweeping tariff policy has upended the industry’s supply chains and weakened economic prospects for the world economy, it said. “Now
An employment discrimination lawsuit against contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) might soon be expanded after a hearing in a federal court in San Jose, California, on Tuesday to add 15 plaintiffs to the case. According to a court document, the lawsuit, which was refiled in November last year as a form of a class action with 13 plaintiffs in California, wants to add 15 plaintiffs from Arizona, where TSMC is building up its wafer fab capacity. TSMC first committed between 2020 and last year to invest US$65 billion in three advanced wafer fabs in Arizona. It then pledged an
RSS