Beijing is bracing for a US and European backlash against Chinese steel, as the rise of Donald Trump threatens to escalate overseas opposition to a domestic industry that accounts for half the world’s output.
China’s domestic steel consumption fell last year but exports have so far soaked up excess production, helping mills defy Beijing’s efforts to rein in surplus capacity. That export crutch could weaken as attitudes harden in other big steel-producing regions.
In the US, President-elect Donald Trump campaigned on a platform of limiting Chinese imports, while the European steel industry has lobbied hard against granting China market economy status by December as stipulated in the terms of its 2001 entry to the World Trade Organization.
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