Peru Seeks to Extend Surcharges on Chinese Steel Imports

Raul Perez-Reyes Diaz, Peru's Minister of Production, has called for a legislative project to extend the period of surcharges on steel imports from China. The current surcharges, implemented in 2017 to protect Peru's domestic steel industry, are set to expire in June 2023.

Minister Perez-Reyes Diaz stressed the significance of this measure in ensuring fair competition and safeguarding Peruvian steel producers from the negative impact of unfairly priced Chinese steel imports. He noted that the surcharges have been effective in addressing this issue since their introduction six years ago.

Why this matters: The extension of surcharges on Chinese steel imports has significant implications for Peru's economy and trade relations. It highlights the ongoing global challenges posed by China's steel overcapacity and the measures countries are taking to protect their domestic industries.

The minister emphasized the need for legislative action to extend the surcharges beyond their current June 2023 expiration date. This extension is seen as vital for maintaining the competitiveness of Peru's steel industry and protecting domestic jobs in the sector.

Perez-Reyes Diaz stated, "A legislative project is needed to extend the period of surcharges on Chinese steel imports in Peru." His comments underscore the government's commitment to supporting the country's steel producers in the face of international trade challenges.

The proposed extension of the surcharges will require approval from Peru's legislature. If passed, it would provide continued relief to the domestic steel industry, which has been grappling with the impact of low-priced Chinese imports for several years.

Key Takeaways

• Peru's minister calls for extending surcharges on Chinese steel imports.
• Current surcharges, in place since 2017, are set to expire in June 2023.
• Surcharges aim to protect Peru's domestic steel industry from unfair Chinese competition.
• Extension requires legislative approval to maintain competitiveness of Peru's steel sector.
• Proposed extension highlights global challenges posed by China's steel overcapacity.