Search
      Channels
  News
  Home Loans
  Commercial Loans
  Insurance
  Credit Cards
  Calculators
  NRI Center
     Investment
  Mutual Funds
  Stock Research
  Market Tools
  Special Reports
  Fund Focus
  Company Focus
  Sector Focus
  Interviews
     Services
  Greetings
  Message Board
Partners
Home -> Finance -> Full Story
China drags US to WTO on steel import tariffs
Friday, March 15 2002 10:41 Hrs (IST)

Beijing: China, the world's top steel-maker, on March 15 appealed to the World Trade Organisation (WTO) against the US decision to steeply raise the import tariffs on steel, citing violation of WTO rules and trade protectionism.

The Chinese government has proposed to the WTO that consultations be held with the United States on the recent US decision to impose quotas or raise tariffs on steel imports, the Ministry of Foreign Trade and Economic Co-operation (MOFTEC) said in a statement.

The Chinese government made the appeal in accordance with WTO rules and requested the US side to decide the time and site for consultations as soon as possible, it said.

China was "deeply shocked" by the Bush Administration's three-year package plan that imposes tariff quota limits and slaps hefty tariffs of upto 30 per cent on a range of steel imports, which was issued on March 5.

"This decision not only goes against the WTO rules, but also will have a serious impact on China's normal steel exports to the United States, hence causing huge losses to the steel makers of China," the statement said.

MOFTEC Minister Shi Guangsheng had said on March 12 that, "We are closely following the development of the situation, and the Chinese side will retain its rights to further reaction, including appeal to the WTO trade dispute mechanism."

Relevant businesses and trade unions in China have strongly reacted to the US decision, asking the government to take responsive measures, Xinhua news agency said.

PTI





Sponsored Links

WQN    Call India for 23 c/m