Senior fellow at the ASI, Tim Worstall, was in City AM this morning for his comments on why subsidised Chinese steel imports are actually good for UK consumers
Far from rejecting cheap Chinese steel, we should thank the oppressed Chinese taxpayer for making us all richer. Subsidies are a distortion to a market and we normally don't like such distortions. But think through what the allegation here is.The Chinese government is subsidising the price of the steel which is flooding out of China. Some call this a subsidy to those steel producers: it isn’t, it is a subsidy to steel consumers.