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China retaliates against EU anti-dumping decision

The Ministry of Commerce said in a statement on its website that, according to its preliminary ruling, importers of carbon steel fasteners such as bolts and nails from 27 EU nations would have to pay a deposit to Chinese customs starting Monday.

"[The ministry] finds that the European Union dumped carbon steel fasteners in China and China's domestic carbon steel fastener industry suffered material damages," the ministry said.

Importers will have to pay a deposit based on the difference – up to 24.6 percent – between the normal value of the fasteners and the cut price, the ministry said.

Dumping is when a foreign company sells a product in another market at less than the normal value.

The anti-dumping measures were imposed after the EU decided Tuesday to extend punitive taxes on imports of Chinese and Vietnamese leather shoes – first introduced more than three years ago – by a further 15 months.

Chinese commerce ministry spokesman Yao Jian said China was "strongly dissatisfied" with the decision and will launch a complaint at the World Trade Organization, in a statement posted on the ministry's website Tuesday.

Ding Yuanhong, former Chinese ambassador to the EU, played down the effect of the conflict.

Trade frictions "existed before and will exist in the future," but people should not judge the economic relations between the two giants by such small conflicts, he said.

China and France, the largest country in the EU, sealed a series of economic deals worth $9.5 billion, including aviation and nuclear pacts, during a visit by French Prime Minister Francois Fillon to Beijing earlier this week.




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