Wait. We thought “dumping” was just something that countries like China and Vietnam did to offload cheap goods and undermine our domestic industries. Is it possible that we dump goods at below-market prices (whatever that means), too?
Well, dumping laws in either direction are silly. But now that we’ve slapped an import duty on Chinese tires, China is eager to return the favour. Not good.
Bloomberg: Chinese industries have complained that they’re being hurt by “unfair trade practices,” the nation’s Ministry of Commerce said on its Web site yesterday. The Beijing-based ministry is also looking into subsidies for the products, it said. It didn’t specify the imports’ value.
Yesterday’s three-paragraph statement from the Chinese commerce ministry didn’t refer to the tire dispute.
“China has always steadfastly opposed trade protectionism,” the ministry said, adding that the nation was “willing to continue acting in concert with other nations to promote a global economic recovery as soon as possible.”
The dumping and subsidy probes involve “some” auto and chicken imports from the U.S., it said, without specifying which ones.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.