18 June, Monday


China rejects Canadian accusation of steel dumping

Economy

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China on Tuesday dismissed Canadian accusations that it was flooding global markets with cheap steel, saying overcapacity in the industry was an international problem.
 
Prime Minister Justin Trudeau said Monday that Canada was "very concerned" about actions taken by China and that his country has already taken steps to prevent "dumping".
 
But Chinese foreign ministry spokesman Lu Kang responded Tuesday that Beijing "has taken practical measures to address the overcapacity in the steel industry and at very great expense."
 
"But I should stress that overcapacity of the steel industry is a global issue and cannot be resolved by any single party alone," Lu told a regular press briefing.
 
"We hope that all steel-producing countries can make concerted efforts to reduce the capacity of the steel industry. This calls for international cooperation."
 
Canada's accusations came amid rising global trade tensions in the wake of US President Donald Trump's decision to impose steep tariffs on imported steel and aluminium.
 
Canada -- the top supplier of steel and aluminium to the US market -- and Mexico have been temporarily exempted from the tariffs until trilateral continental trade talks conclude.
 
China is Canada's second-largest trading partner after the United States.
 
Trudeau's dumping accusations against Beijing, which echoed Trump's own message, come after exploratory talks with China failed to advance to bilateral free trade negotiations.
 
Instead, Ottawa signed on to the 11-nation Trans-Pacific Partnership (TPP), which excludes both China and the United States, and entered into talks last week to join a South American trading bloc as part of a concerted push to diversify its trading relationships.

AFP

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