Taipei [Taiwan], June 28 (ANI): The Ministry of Finance announced that it will impose anti-dumping duties on beer and hot-rolled steel produced in China for four months starting next Thursday, citing 'substantial damage' to Taiwan's industry, as reported by the Taipei Times.

According to a statement from the finance ministry, both it and the Ministry of Economic Affairs 'have tentatively concluded that these products are being dumped and that it has inflicted significant harm on the domestic industry.' The finance ministry mentioned that the duties would be applied for four months to 'protect our industry from ongoing damage during the investigation,' as noted by the Taipei Times.

The tariffs on Chinese beer will vary from 13.13 per cent to 64.14 per cent, while those for steel will be either 16.9 per cent or 20.15 per cent, the report indicated. In March, the finance ministry initiated anti-dumping investigations into Chinese beer and selected steel products following allegations of unfair competition.

Taiwan currently has anti-dumping duties on ten products, with eight coming from China, its largest trading partner, according to official statistics. The ministry is also assessing whether the low prices of certain Chinese hot-rolled steel products, attributed to 'long-standing overcapacity' in production, are negatively impacting domestic businesses, the finance ministry stated.

Taiwan has emerged as the largest export market for Chinese beer brewers, who captured over 70 per cent of the local beer market in the first quarter of this year, according to DPP Legislator Hsu Fu-kuei. In the last five years, Chinese beer exporters have shipped over NT$16 billion (US$548.32 million) worth of products to Taiwan, according to Hsu.

Chinese suppliers have harmed local beer producers, and the outcome could be severe if the government fails to implement anti-dumping measures, he cautioned. DPP Legislator Chung Chia-pin reported that local beer firms have experienced a 20 per cent drop in market share, with a 15 per cent decrease in production, leading to a utilisation decline of about 30 per cent. He suggested that this indicates significantly adverse effects on the local beer companies' operations due to Chinese beer suppliers.

Approximately 70 per cent of the Taiwanese population reportedly backs the government's decision to impose anti-dumping taxes on Chinese beer manufacturers to maintain market order, as stated by DPP Legislator Kuo Kuo-wen, referencing an unnamed public opinion poll, as cited by the Taipei Times report. (ANI)