Tariff impact on steel may be minimal as trade small

The impact of additional tariffs by the United States on the Chinese steel industry is likely to be minimal given the small size of direct trade, said analysts, noting the move is more about political posturing than economic issues.

However, certain industries that are considered large steel consumers, like electric vehicles and port cranes, are also subject to additional tariffs, which might affect China's indirect export of steel to the US, they said.

The remarks came after the Joe Biden administration announced on Tuesday additional tariffs on imports of certain products from China, including a more than threefold increase in the Section 301 tariff rate for Chinese steel imports, which will be 25 percent from this year.