China WTO

When China was allowed entry to the WTO in 2000, it immediately declared itself to be a developing nation which gave it special privileges. It then proceeded to disregard some of the basic conditions. One of the most egregious actions was the dumping of cheap products on the world market. Adding to this they used currency manipulation to lower the cost of their exports. A prime example is steel production. The government would subsidize the companies which would then sell steel at below production costs. Once the competition was eliminated the price would be raised. Bethlehem Steel was one of the western countries that fell victim to this