Why China, the big wolf of global steel industry, gains from US tariffs

China has been accused of dumping cheap steel on global markets

If Donald Trump was aiming at China with his lofty proposed tariffs on imported steel and aluminum, he’s a terrible marksman. Not only will Chinese leaders likely brush off the measures. They have good reason to embrace them.

China is unquestionably the big, bad wolf of the global steel industry. With roughly 10 times the steelmaking capacity of the US, it’s been widely accused of dumping cheap steel on global markets, pushing competitors in other countries to the wall. The Trump administration has previously prodded Chinese leaders to impose steep cuts on steel production to take pressure off US mills —