China declares economic WAR on Britain: Now Beijing imposes killer tax on OUR steel
CHINA has declared economic war on Britain by slapping a hugely punitive tax on high grade steel produced in South Wales.
By NICK GUTTERIDGE
Express.co.uk
Sat, Apr 2, 2016
Beijing has imposed a killer 46% levy on the high tech metal amid accusations that its deliberate over-production of steel is strangling UK production.
Chinese ministers announced the huge tax will be imposed on British exports of sophisticated “grain oriented electrical steel” which is produced in South Wales.
They say the levy is necessary to protect their own factories, which they claim are being subjected to “substantial damage” and “material injury” by European exports.
But the move is likely to infuriate the 50,000 British steel workers who could lose their jobs if the Port Talbot plant closes. It came as the Government was rocked today by accusations it brought about the current crisis by blocking higher tariffs on Chinese steel proposed by the EU to appease the Communist regime in Beijing.
The Rest…HERE
