THOSE CUNNING CHINESE….
Mike over at Vox Political has posted a piece from the Mirror about the US slapping a massive protection barrier of 522% on Chinese steel to stop it flooding the market and destroying their domestic steel industries. However, the unions are impatient with Brussels and the British government, which are currently dragging their heels. At the moment the EU tariff placed on Chinese manufactured goods is only 16%.
Neoliberals would have you believe that any increase in the tariff on Chinese steel is protectionism that would harm the economy in the long run.
But this is nonsense.
It seems likely that China is subsidising its steel industry in order to flood the world markets with cheap product. The aim would be to cripple the profitability – and therefore the viability – of non-Chinese steelmakers, and shut them down.
This would leave China alone in the market and able…
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