China has vowed to push ahead with a controversial tax rebate for its steel sector, after the US said it would slap Chinese imports with a five-fold tax hike, in what has been described as an escalating trade war.
China's finance ministry said yesterday it would "continue to implement a tax rebate policy of steel exports" as it tries to finance a costly capacity closure plan.
The policy document, dated 10 May, was published hours after the US commerce department said it would impose anti-subsidy duties of 256.4 per cent and anti-dumping duties of 265.8 per cent on Chinese exports of Chinese cold-rolled steel.
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