U.S. tariff hike on steel imports violates multilateral trade rules: Chinese industry association

The U.S. move to impose additional tariffs on steel imports is in violation of multilateral trade rules, the China Iron and Steel Association said in a statement on Friday.

Steel is a basic industrial material, and trade protectionism in the sector will undermine the United States' own interests, the association said.

It said that the U.S. trade protectionist measures on steel have resulted in persistently high domestic steel prices compared to other markets, raising costs for downstream manufacturers and hindering the country's efforts to adjust domestic inflation levels.

It said that the United States has violated multilateral trade rules and World Trade Organization rulings by imposing tariffs on steel and aluminum imports. This practice has severely undermined the rules-based multilateral trading system and impacted the global supply chain.

The association opposes such unilateral and protectionist actions, it said. It expressed the hope that steel trade would be brought back to the right track of multilateral trading system, calling for addressing each party's concerns through equal consultation.

The association also hopes to enhance communication and dialogue with the American Iron and Steel Institute to increase mutual understanding and trust, according to the statement.