by John Rubino, Dollar Collapse:
It’s unclear what China was thinking when it was borrowed all those trillions to quadruple its capacity to make steel, cement and other basic industrial products. There’s no record of it checking in with the other countries that have such industries to see if a sudden surge of cheap imports was okay with them.
Turns out that it’s not. The US in particular seems to lack a sense of humor where the death of its steel industry is involved:
US hits China and others with more steep steel duties
(CNBC) – The U.S. Department of Commerce has imposed more duties on corrosion-resistant steel imports from China and elsewhere in an effort to protect its industry from a glut of steel imports from around the world.
On Wednesday, the department’s International Trade Administration, which has conducted an investigation into the “dumping” of steel products into U.S. markets, said it had found the “dumping of imports of corrosive-resistant steel (CORE) products from China, India, Italy, Korea and Taiwan” by various steel producers that it named within those countries.
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