China to impose anti-dumping tax on stainless steel from EU, Japan and other Asian countries

China said on Monday it will impose anti-dumping duties on stainless steel imports from the European Union, Indonesia, Japan and South Korea, according to Reuters.

The tariff rate on imports of stainless steel billets and hot-rolled stainless steel plates has been set at between 18.1% and 103.1% on companies in the EU and the three Asian countries and will take effect on July 23, China’s Commerce Ministry of Commerce said in a statement.  

So far, the news has not had any impact on the financial markets. The futures on the S&P 500 are trading largely unchanged on the day at $2,975.