Trade protectionism will not help solve the problem of overproduction, but only hinder trade, the Chinese Ministry of Commerce said in response to the European Union's four-year import licensing system for steel.
The ministry notes that China has always opposed trade protectionism and maintained stable, predictable and fair trade rules. According to the statement, the European Union must fulfill its obligations and not give wrong signals.
However, a few days ago, the ministry announced the imposition of anti-dumping duties on, among other things, GOES made in Japan, South Korea and the European Union. The duty is charged in the range from 14.5 to 46.3 percent. Similar obligations protecting the market have come into force even earlier in the European Union.
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