LatAm Steel Association reacted to China's withdrawal of WTO claim

China claims that under the terms of its 2001 WTO membership, it should be recognized as a market economy in 15 years.

The Latin American Steel Association (ALACERO) noted in a press release that China's recent withdrawal from the WTO claim over China's market economy status confirms that the country is not a market economy. This is stated in the press release of the association.

A panel of WTO judges said on Monday that China withdrew its claim, claiming its market economy status. According to representatives of the trade, he decided to withdraw after most of the rulings went against him. Consequently, cheap imports from China will continue to face anti-dumping duties from the US and the EU.

China claims that under the terms of its 2001 WTO membership, it should be recognized as a market economy in 15 years. Beijing began disputes against Brussels and Washington at the WTO in December 2016.

Subsidies for the Chinese industry continue to be a major problem for many years. Dumping of subsidized goods distorted the global steel market. In particular, this has resulted in significant job losses and industrial development in the Latin American region, as the domestic steel industry is unable to withstand unfair competition from Chinese goods.

The Association noted that the safeguards to mitigate the effects of unfair trade had not produced the desired results. To date, Latin America has 10 anti-dumping cases on rolled steel, of which 65% are against China.