Business / Industries

US protectionism won't solve global steel woes: MOC

(Xinhua) Updated: 2016-09-09 14:57

BEIJING - Protectionism is not a solution for tackling global steel woes, China's Ministry of Commerce (MOC) said on Friday following a decision by the United States to impose duties on Chinese steel products.

In a preliminary ruling on September 7, the US Commerce Department set an anti-subsidy duty rate of 210.5 percent for imported carbon alloy steel products from China.

The preliminary ruling was against the commitment made during the G20 Hangzhou Summit for members to oppose trade protectionism and support multilateral trading mechanisms in pursuit of trade growth, said the MOC in a statement on its website.

China always advocates coordination and cooperation to solve the difficulties in the global steel industry, rather than frequently resorting to protectionism, the statement said.

The MOC urged the US to abide by World Trade Organization rules, observe the consensus reached during the G20 Hangzhou Summit, and shoulder the responsibility to promote the recovery of the global steel industry and improve the global trade environment.

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