By Viktoria Dendrinou
BRUSSELS--The European Union imposed tariffs on two steel products originating from China and Taiwan on Friday, the latest sign of trade tensions between the bloc and Beijing over Europe's oversupplied steel sector.
The duties follow numerous complaints in recent years from European steelmakers alleging that their Chinese competitors export steel products to Europe at unfairly low prices.
The tariffs concern stainless-steel tube and pipe butt-welding fittings, which are used to join pipes and tubes of stainless-steel, typically in the petrochemical, food processing, and shipbuilding industries.
The European Commission, the EU's executive arm, said its investigation confirmed that these types of steel products from China and Taiwan "had been sold in Europe at dumped prices."
Friday's decision stems from a complaint lodged in September 2015 by a European lobbying group representing some makers of stainless-steel products. The tariffs will apply for five years and range from 30.7% to 64.9% for exports originating from China, while Taiwanese exports will face duties ranging from 5.1% to 12.1%.
The EU has imposed a series of duties on other types of steel products originating from China and elsewhere over the past year. The bloc currently has 39 trade defense measures in place on imports of steel products, 17 of which concern China directly.
Overcapacity in Europe's steel sector has led to thousands of job losses in the past year while steel producers around the world have sought government protection from falling prices amid a global steel glut.
Global leaders agreed over the summer that overproduction of steel is a global problem and endorsed setting up a global body to monitor the situation.
Write to Viktoria Dendrinou at email@example.com
(END) Dow Jones Newswires
January 27, 2017 07:08 ET (12:08 GMT)
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