If China does eventually take action against Taiwan, the effect could be substantial, Wu said.
If the dumping margin -- which is the difference between international steel prices and the lower price charged in China -- reaches 20 percent to 30 percent, then the consequences could be disastrous, he said.
Yen, who served previously as minister of finance, said that both sides of the Strait should utilize the WTO framework to iron out trade disputes, using Taiwan's continuing import restrictions on Chinese goods to highlight the issue.
"China doesn't enjoy the same status we provide to other WTO members ... According to WTO procedures, if any member is subject to discriminatory treatment by another member, then that member is entitled to lodge a complaint with that country," Yen said.
"If Beijing doesn't like the situation, then it can bring the case before the WTO. My deputy and myself would be more than happy to discuss this matter with them in Geneva."
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