The Ministry of Finance has launched anti-dumping and anti-subsidy investigations into steel products from China sold on the local market in a bid to protect the interests of Taiwanese firms.
The ministry on Tuesday said in a statement that Chinese products being looked at by the anti-dumping investigation include galvanized steel, carbon steel plates and cold-rolled stainless steel, while the anti-subsidy probe involves hot-rolled stainless steel and cold-rolled carbon steel.
In addition to protecting local steel manufacturers, the probe aims to provide Taiwan with an additional bargaining chip in talks with the US as it seeks an exemption from Washington’s 25 percent tariff on imported steel and a 10 percent tariff on aluminum imposed last month, the ministry said.
Taiwan has no intention of getting involved in a trade war between the US and China, but launching a probe into Chinese steel products is expected to ensure that Beijing cannot use Taiwan as a transit point to sell its cheap steel products in the US market, Customs Administration Deputy Director-General Hsieh Ling-yuan (謝玲媛) said.
On March 8, US President Donald Trump signed an order under Section 232 of the US’ Trade Expansion Act of 1962 to impose additional tariffs on imported steel and aluminum.
The duties took effect 15 days after the signing.
Despite negotiations between Taiwanese and US trade officials last month, Taipei was not included on the list of exempt nations.
The government has said that it would continue to seek an exemption through more talks with the US.
After a meeting of the ministry’s tariff review task force on Wednesday last week, Hsieh said the ministry suspects that these Chinese steel products are part of unfair trade practices that could harm Taiwanese manufacturers.
The ministry said it also consulted with the Ministry of Economic Affairs before deciding to launch its investigations into Chinese steel imports.
From India to China to the US, automakers cannot make vehicles — not that no one wants any, but because a more than US$450 billion industry for semiconductors got blindsided. How did both sides end up here? Over the past two weeks, automakers across the world have bemoaned the shortage of chips. Germany’s Audi, owned by Volkswagen AG, would delay making some of its high-end vehicles because of what chief executive officer Markus Duesmann called a “massive” shortfall in an interview with the Financial Times. The firm has furloughed more than 10,000 workers and reined in production. That is a further blow
Answering to a reported request by Germany to help address a chip shortage in its auto industry, the Ministry of Economic Affairs (MOEA) yesterday said that it was in talks with domestic chip suppliers. Foreign media over the weekend reported that German Minister of Economic Affairs Peter Altmaier had sent a request to Taipei to ask Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to cooperate more closely with German automakers to provide microchips and sensors, to bridge a shortage that has emerged over the past few months. The MOEA said that it had not yet received the request and could therefore not elaborate
FOCUS ON FOUNDRIES: An analyst said that some investors would be disappointed because they were expecting a larger announcement of a partnership with TSMC Intel Corp’s incoming chief executive officer Pat Gelsinger on Thursday pledged to regain the company’s lead in chip manufacturing, countering growing calls from some investors to shed that part of its business. “I am confident that the majority of our 2023 products will be manufactured internally,” Gelsinger said. “At the same time, given the breadth of our portfolio, it’s likely that we will expand our use of external foundries for certain technologies and products.” He plans to provide more details after officially taking over the CEO role on Feb. 15, but Gelsinger was clear that Intel is sticking with its once mighty
AWARENESS NEEDED: The central bank urged lenders to know their customers before undertaking business for them and to seek funding in conventional ways The central bank yesterday said that it would take action against four foreign lenders for their involvement in helping companies trade in the deliverable forward market in contravention of foreign-exchange regulations. Some grain merchants newly based in Taiwan have since July 2019 been practicing questionable currency-trading activity, with the help of branches and subsidiaries of six foreign banks, the monetary policymaker told an unscheduled news conference. Affiliated firms as of July last year completed currency-related deals they referred to as trading that totaled US$11 billion, which was not in sync with their real business needs, the central bank said after wrapping up