Us Imposes Extra Tariffs Over Chinese Steel Imports In 2024

By Shubhendra Anand , 13 May, 2024

China's steel market faces criticism from other countries in the world in 2024. The steel market in China stores a large steel production in market. However, China's steel market strategy seems to fall in the eyes of developing world economies. Therefore, China's imports of steel may be affected in 2024.

China is reported to have a large amount of steel stock in the market, but it is unaware of its usage. Most of the steel stock will go unused in China in 2024. Therefore, China must be in the plans to import the unused and remaining large amounts of steel into the global market. This way, Asian countries can discard more steel in the market with good profit. However, the United States has noticed the base strategy of the Chinese steel market and its import marketing in 2024. Therefore, the United States will announce triple tariffs on Chinese steel imports in 2024. Other Asian countries, European Union, and others have noticed the Chinese steel marketing strategy in 2024. Therefore, the countries are ready to act against China's steel dumping marketing in the name of imports.

According to the surveys, China is the leading country in the world regarding steel imports. Data from the surveys shows that steel exports from China increased by 90.26 million metric tons in 2023. It tends to be the highest level of exports in the steel market since 2016. However, the Chinese steel market fails to manage the demand and supply of steel, leading to reduced crude steel production in the country. Steel production and demand have decreased in light of the clean energy transition. Therefore, China faced large steel stocks in the steel market 2024, resulting in an increasing rate of steel exports from China.