Increased tariffs by the US to have limited impact on China’s direct steel exports
Time:Fri, 17 May 2024 09:04:13 +0800
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U.S. President Biden announced on May 14 that tariffs on steel products imported from China will increase from 0-17% to 25%.
However, since China’s direct steel exports to the United States account for less than 1% of total domestic exports, this policy will have a negative impact on China.
The export volume of steel will have little impact, but it may have an indirect impact. Products subject to additional tariffs this time also include electric vehicles and port cranes. Such products use a large amount of steel in their production.
If the export of these finished products is restricted, it will inevitably affect the sales of steel.
