Thursday, 23 May 2002

China retaliates US steel tariffs

From the Financial Times

China on Wednesday made its most protectionist move since joining the World Trade Organisation last year, slapping hefty import tariffs on some types of steel and signalling that it may target US soybean oil for similar treatment.
The import tariffs, to be levied from Thursday at rates of between 7 and 26 per cent on nine categories of steel once certain quotas are exceeded, was described by Beijing's official media as a retaliation against the US decision in March to impose tariffs of up to 30 per cent on steel imports.

WTO no longer has a single 'power axis' that lies across the Atlantic. The centre of global economic activity had moved toward the Pacific basin even before China joined WTO. But now the distribution of power has changed, too.

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