On February 10, the US government announced that it would adjust the import tariffs targeting steel and aluminum from other countries, reinstating the Section 232 steel and aluminum tariffs on formerly exempt trading partners.
The China Iron and Steel Association (CISA) stated on February 14 that steel is a basic material for industry, while the US’ steel trade protectionism would harm its own interests. The trade protection measures on steel imports implemented by the US will make its steel prices continue to be higher than other markets, which will raise the costs of downstream manufacturing, while not being conducive to improving the level of inflation in the country.
The imposition of tariffs on steel and aluminum by the US is in violation of multilateral trade rules and WTO rulings, and has seriously undermined the rules-based multilateral trading system in the global market and negatively affected the global supply chain of industries.
CISA said it opposed such unilateralism and protectionism, and hoped that the steel trade will return to the right track of the multilateral trading system and that respective concerns will be resolved through consultations on an equal footing. CISA also said it hoped to strengthen exchanges and dialogues with related associations, such as the American Iron and Steel Institute, aiming to enhance mutual understanding and trust.