Britain sacrifices steel industry to curry favour with China
Even the Telegraph has turned against the Tories over steel.
Britain’s special relationship with China is becoming more expensive by the day. It now threatens to destroy the British steel industry, a foundation pillar of our manufacturing economy.
Britain is not alone. Most of Europe’s steel foundries are heading for annihilation under the current EU trade regime, with unthinkable consequences through the network of European and British supply chains.
It is hard to pin down the exact moment when George Osborne’s love affair with China turned into a Faustian Pact.
What we know is that the British government has for the last three years been blocking efforts by the EU to equip itself with the sort of anti-dumping weaponry used by Washington to confront China.
What they are blocking is a change to an EU regulation intended to beef up Europe’s ‘trade defence instruments’ (TDI), enabling it to respond much more quickly to Chinese dumping and to impose much tougher penalties.
The outcome is that it still takes Brussels 16 months to crank up full sanctions, twice as long as it takes the US. It is why the EU limits itself to a ‘Lesser Duty’ regime that often fails to reflects the full injury.
While Washington has slapped penalties of 267pc on Chinese cold-rolled steel, the EU peashooter has so far managed just 13pc.
Redcar has already paid the price for this ultra-free trade ideology, and Port Talbot is about to follow. There will eventually be little left if the current drift in trade policy is allowed to continue.
Source: Britain sacrifices steel industry to curry favour with China
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Chinese steel may be cheap now, but what happens when the world is left with China as the only supplier? Answers on the back of a postcard (or fag packet), please.
Don’t be fooled into thinking Conservatives put quality before price because they don’t and here is a golden example once again.
Margaret Thatcher may have been hated, but truly, there has never been a Tory Party like this one under Dave Cameron. Thatcher lost her job when her politics became too extreme for the then Conservatives. Cameron should have been kicked out a long time ago, just as Blair was forced out.
They are in bed with China and so will do anything the Chinese demands so our steel workers and industry can go to the wall and go to hell!
The UK gets what it deserves
This is an unbelievably horrendous bridge too far! If this infamy does not bring down this dictatorial regime – nothing will. Their wilful and systematic disintegration of one of our last British industries is an unmitigated abomination.
backhanders and jobs for the boys
The Chinese are opening a new financial exchange. It’s a new sandpit, and the City are entirely prepared to consign the rest of the country to penury if it means they’ll be allowed to play in it.Hence Hinkley, hence Port Talbot, hence HS2, the point of which is to create steel demands to be met by Chinese suppliers. Elect people funded by the bankers and you should expect what you get.
tories are enemies of the UK people and the EU. remember this when you vote in may and june.
the current MPs are interested in getting free shares in the steel industry and election funding for their parties. tories retain control of the economy whether in government or not. Best thing for UK people is complete disintegration of the party forever.
then and only then will democracy serving a majority be possible.
https://www.facebook.com/photo.php?fbid=10153733775239083&set=a.409881339082.206270.680294082&type=3&theater