China Dumping Excess Steel Production Essay

China Dumping Excess Steel Production Essay

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China Dumping Excess Steel Production Essay

Closing case is China Dumping Excess Steel Production?

Government Policy and International Trade Chapter 7 219

In the 15 years up to 2015, China increased its steel production fivefold as it forged the steel products demanded by its huge boom in construction and infrastructure spending. By 2015, the country produced 800 million tons of steel a year, half of the world’s annual output. However, in 2015 the bottom fell out of the Chinese domestic market for steel.

The economy slowed down, and the government shifted its priorities away from massive infrastructure investments and to- ward boosting consumer spending. By the end of 2015, Chinese steelmakers were estimated to be producing 300 million more tons of steel a year than required for domestic consumption. With prices for steel slumping, China’s largest 101 steel firms lost more than $12 billion in 2015, roughly twice what they made in profits during 2014.

Not surprisingly, the Chinese are seeking to export this un- wanted product, even if it is at a loss. China exported more than 100 million tons of steel for the first time in 2015, making its steel exports alone larger than the production of any other country in the world except for Japan. The prices for Chinese steel products appear to be at least 10 percent lower outside of China than within the country.

Those low-priced exports are having a devastating im- pact on steelmakers around the globe. American producers have responded by clamoring for action from the U.S. Commerce Department to stop what they perceive to be the illegal dumping of steel products below the costs of production.

Moreover, they have argued that cheap steel from China has also persuaded producers in India, Italy, South Korea, and Taiwan to dump their excess production on the world market, further harming U.S. producers. In November 2015, the Commerce Department ruled that all of these countries except Taiwan were dumping steel and placed duties as high as 236 percent on some imports of foreign steel.

In late December, the Commerce Department ruled that China was also selling corrosion- resistant steel at unfairly low prices and placed an additional 256 percent tariff on such imports. This erected a huge barrier to certain Chinese steel imports into the United States. The European Union also took similar steps. The United Kingdom has been particularly hard hit by Chinese imports. Chinese imports now take 45 percent of

the UK market for steel rebar, up from nothing in 2010. Overall, steel imports from China doubled between 2014 and 2015. The United Kingdom lost some 4,000 steelmaking jobs in the second half of 2015 as the Chinese grabbed market share. Elsewhere in Europe, the Luxembourg- based steel giant Arcelor Mittal blamed dumping by Chinese firms for a $8 billion loss in 2015.

In response, in January 2016, the EU placed a 13 percent tariff on imports of Chinese steel. EU steel- makers called this totally inadequate, particularly given the much large tariffs levied in the United States. In mid-2016, the EU responded by placing tariffs as high as 22 percent on imports of non–stainless steel products from China.

For its part, the Chinese government remained unmoved. In fact, it may have added fuel to the fire in December 2015 when it cut export taxes on several types of steel, signaling perhaps that it was doubling down on a strategy to encourage domestic producers to export their surplus production rather than close mills.

Sources: Sonja Elmquist, “U.S. Calls for 256% Tariff on Imports of Steel from China,” Bloomberg News, December 22, 2015; “China’s Soaring Steel Exports May Presage a Trade War,” The Economist, December 9, 2015; “Steel Imports from China Investigated by the European Commission,” BBC News, February 12, 2016; Ivana Kottasova, “Europe Tries to Protect Steel Jobs with Tariffs on Chinese Imports,” CNN Money, January 29, 2016; Jones Hayden, “China-Russia Steel Hit with 5-Year Anti-Dumping Tariffs,” Bloomberg, August 4, 2016.

Case Discuss ion Quest ions

1. Does the evidence suggest to you that China is dumping excess steel production on world markets?
2. Absent of any response from other nations, how long can China pursue this policy?
3. Who is harmed by this action? Who might benefit? 4. What alternative policy might China pursue? What

are the costs and benefits of this alternative policy to China?

5. Are the EU and the United States correct to impose significant antidumping duties on imports of Chinese steel? What will the benefits of such policy be? Are there any drawbacks?

C LO S I N G C A S E

Is China Dumping Excess Steel Production?

220 Part 3 The Global Trade and Investment Environment

6. Can you think of any unintended consequences that might occur as the result of the imposition of antidumping duties on Chinese steel imports by the United States and the EU?
7. What other steps could be taken in the long run to reduce the probability that producers in China

and elsewhere will dump their excess production at a loss on world markets?

China Dumping Excess Steel Production Essay

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. 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And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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