Czech Finance Minister Kalousek warns “The (EU) presidency thinks that the biggest risk at the moment is the risk of protectionism. Some of the signals are so strong that the Czech prime minister has decided to organize a summit as soon as possible so that all heads of state and government say a clear no to protectionism.”
Meanwhile the EU has imposed temporary antidumping duties of up to 25% on imports of Chinese made steel wire rods. The tariffs remain for 6 months until the European Commission decides whether to propose definitive duties for at least five years, which must be approved by trade ministers. Last month the EU imposed duties of up to 87% on screws and bolts from China, triggering retaliatory action by Beijing at the World Trade Organisation. And so it goes………
