Chinese government has announced that the retaliatory measures on $16 billion worth of US goods will also include scrap metal products.
On August 9, China’s Ministry of Commerce said that in response to imposition of 25 percent tariffs by the US on another $16 billion Chinese imports from August 23, China decided to levy 25 percent of $16 billion US goods as well.
“ISRI is already hearing from contacts in China that the announcement has caused consternation among Chinese consumers of US scrap commodities. Although these tariffs will not be levied on imports from other countries, it is our understanding that other regions may not be able to fulfill all of China's demand. This is in line with other reports that the trade war has had an impact on the Chinese economy across many sectors. There is no doubt that these tariffs will impair the already diminishing scrap exports from the United States to China,” the Institute of Scrap Recycling Industries commented.