China raises export tariffs on steel goods to protect domestic sector

Politics Economy

China will raise export tariffs on steel products to protect the domestic industry, the government said Thursday, with material prices sharply increasing across the globe. Starting Aug. 1, China will push up export tariffs on ferrochrome and high-purity pig iron to 40 percent and 20 percent, respectively, the Customs Tariff Commission of the State Council was quoted by the official Xinhua News Agency as saying. The latest decision is designed to push industrial upgrading and high-quality development in the steel sector, according to Xinhua. Previous rates on the product exports stood at 20 per...

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