A few days ago, China has already resorted to the 232 measures of the United States importing steel products to the WTO and formally initiated the dispute settlement procedure. Although the European Union and other economies have temporarily obtained the “tariff exemption” from the United States, the dark clouds of trade protectionism that have shrouded the global steel market have not yet been dispersed.
According to industry insiders, the United States and the European Union have adopted trade protectionism measures to make the already oversupply of global steel production capacity worse, and also to obstruct Chinese steel exports. However, the stick of trade protection is difficult to curb the development of the Chinese steel industry. Instead, it will turn crisis into opportunity and accelerate the transformation and upgrading of the Chinese steel industry.