Published: Sat, January 14, 2017
Economy | By Melissa Porter

USA seizes $25 million worth of aluminum linked to Chinese billionaire

USA seizes $25 million worth of aluminum linked to Chinese billionaire

In this case, the USTR notes, "We are seeking to address one core aspect of this problem by challenging the use of subsidies that have generated overcapacity".

About China Trade Task Force: The China Trade Task Force (CTTF) is committed to supporting and saving tens of thousands of American jobs. My message to the incoming Administration is clear: "you must continue this push and aggressively press China on their predatory trade practices". The move comes after the United States International Trade Commission announced a year ago that it "has launched an investigation to examine the USA aluminum industry and global aluminum trade".

The historic case seeks to challenge China's violation of global trade rules, which have caused injury to the USA aluminum industry and resulted in thousands of Americans losing their jobs. This has driven price declines that have reduced the number of operating USA aluminum smelters to five from 14 since 2008, causing the loss of 15,000 US aluminum production jobs, the senators said in October.

U.S. Trade Representative's office said China's capacity to produce aluminum more than quadrupled between 2007 and 2015, while global prices fell approximately 46 percent.

Portman said he is "pleased that the administration followed my and Sen".

Jesse Gary, executive vice president and general counsel of Century Aluminum, said at the briefing that his company operates three of the five remaining primary aluminum smelters in the US, including one of the only smelters in the world that produces high-purity aluminum that has defense and aerospace applications.

China's Commerce Ministry said in a statement Friday the US complaint "lacked a factual basis", Reuters reported.

Lawmakers on Capitol Hill applauded the Obama administration's decision and urged President-elect Donald TrumpDonald TrumpEarnest: I've never wanted to eject reporters Kasich warns of possible global conflict New York Dems urge Lynch to prosecute in Eric Garner case MORE to further pursue the matter.

"China gives its aluminum industry an unfair advantage through underpriced loans and other illegal government subsidies", outgoing President Barack Obama said in a statement accompanying the announcement. China's capacity is expected to grow further over the next five years.

China regrets the USA decision to file the complaint but will properly handle the issue according to WTO rules, the Ministry of Commerce said in a statement on its website.

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