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Economy

China, world economies face higher tension over steel surplus

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Low prices on Chinese steel exports are at the heart of growing global trade tension.   © Reuters

BEIJING -- Refusal by the U.S., European Union and others to recognize China as a market economy is the latest sign of intensifying trade friction between the Asian economic giant and other world powers, exacerbated by a supply glut in such industries as steel.

U.S. Secretary of Commerce Penny Pritzker said Wednesday that the time was "not ripe" to grant China market-economy status under World Trade Organization rules. A spokesperson for China's foreign ministry shot back at a press conference the following day, claiming that "the world recognizes China's success in developing a market economy."

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