In a tit-for-tat trade row volley with its trading partners, China’s Ministry of Commerce announced today that it is going to place tariffs on steel pipes imported from Japanese and European companies.
After an investigation, the Ministry reported the foreign companies were selling the pipes at below market price, hurting Chinese businesses.
The decision follows a preliminary ruling in May that will slap a roughly 9-14% tariff on the pipes starting on Friday.
This is the latest move in a trade war between China and its biggest trading partners. The US, Japan and the EU have all placed import restrictions on Chinese imports they accuse of dumping on the market.
