Import duties charged by the Chinese on American hi-tech steel exports have been costing US producers more than $250 million, according to a report by the BBC.

While the Chinese claim that they have reduced import duties, the Americans say ‘not enough’.

The World Trade Organisation (WTO), which has acted as mediator between the two nations, has now sided with the Americans, claiming that China has been ‘unfairly placing tariffs on US steel products’.

The Chinese on the other hand, argue that the Americans have been selling their hi-tech steel products at unfairly low prices and that’s why the Chinese have levied punitive duties on the American companies concerned.

The US wants immediate talks with the Chinese and will refer the case back to the WTO if it doesn’t receive a satisfactory response.

Source: BBC.