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| US slaps China steel imports with five-fold tax increase | US slaps China steel imports with five-fold tax increase |
| (about 1 hour later) | |
| The US has raised its import duties on Chinese steelmakers by more than five-fold after accusing them of selling their products below market prices. | |
| The taxes specifically apply to Chinese-made cold-rolled flat steel, which is used in car manufacturing, shipping containers and construction. | The taxes specifically apply to Chinese-made cold-rolled flat steel, which is used in car manufacturing, shipping containers and construction. |
| The US Commerce Department ruling comes amid heightened trade tensions between the two sides over several products, including chicken parts. | The US Commerce Department ruling comes amid heightened trade tensions between the two sides over several products, including chicken parts. |
| Steel is an especially sensitive issue. | Steel is an especially sensitive issue. |
| US and European steel producers claim China is distorting the global market and undercutting them by dumping its excess supply abroad. | US and European steel producers claim China is distorting the global market and undercutting them by dumping its excess supply abroad. |
| A separate filing by major US steelmakers to the International Trade Commission is looking to completely ban all Chinese steel imports. | A separate filing by major US steelmakers to the International Trade Commission is looking to completely ban all Chinese steel imports. |
| The US steel industry claims that around 12,000 workers have been laid off in the past year because of unfair Chinese competition. | The US steel industry claims that around 12,000 workers have been laid off in the past year because of unfair Chinese competition. |
| China claims the weak economy is more responsible for the industry's problems and that it has taken steps to reduce its steel production. | China claims the weak economy is more responsible for the industry's problems and that it has taken steps to reduce its steel production. |
| Last year, China's imports of cold-rolled steel flat products to the US were valued at an estimated $272.3m (£188.5m). | Last year, China's imports of cold-rolled steel flat products to the US were valued at an estimated $272.3m (£188.5m). |