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The Man of Steel of the world is getting a taste of kryptonite.
The EU plans to launch an antitrust investigation into China’s domestic subsidies for steel makers financial Times Reported on Tuesday. This comes shortly after the EU announced a similar investigation into China’s EV subsidies, and is part of a growing trend of countries looking for ways to crack down on China-made goods.
According to the World Steel Association, China is the world’s top steel producer, producing about 55% of the world’s crude steel in December 2022. The next largest steel producer, India, produced about 7.5% of the world’s steel that month. This year has also seen big growth in Chinese steel exports, which are set to reach their highest level since 2016 as the weakening of China’s domestic real estate industry means soft demand inside its borders.
sources told foot The EU’s upcoming move against Chinese steel is being coordinated with Washington, so the two powers can present a united front – with the added bonus (or motivating factor) of some of the pressure Washington officials have imposed on EU steel. Has promised to eliminate US tariffs. Final Administration. The EU and the US are not the only ones furious about Chinese goods:
- India is withdrawing its subsidies that it gave to businesses in the emerging e-scooter industry to use parts made in China. The Modi government has demanded the return of a total of $60 million spread across five companies.
- This is not the first time that the EU has become unbalanced over Chinese steel policy. In 2021, it imposed tariffs on Indonesian stainless steel because it argued that through China’s Belt and Road Initiative, Indonesia was unfairly subsidizing its own industry.
Chips and Market Crash: Saudi Arabia is beginning to be concerned about its relations with China, especially with AI. per second foot According to reports, members of Saudi Arabia’s King Abdullah University of Science and Technology (CUST) are concerned about collaboration with Chinese research from the US over which semiconductors they can import as part of the US-China chip war. Can impose restrictions. Not one to worry about geopolitical shocks like Saudi Arabia…