Both the Americans and the Europeans have been revising theirs to allow them to look at, for example, whether there's been currency manipulation or a cheap loan.
I have enormous respect for China. I'm not China-bashing; I want to make that very clear. I've been there many times and I'm going back again. I love going there and I love the Chinese people. At the same time I also speak truth to power and there's no question.... I have read some of the rulings coming out of the European Union and these are quasi-judicial bodies. These aren't witch hunts. The data is very clear that China is selling at well below their cost of production in the U.S., Canada, and the European Union. That's why the European Union just imposed tariffs of some 70%. That's not trivial.
To answer your question, and I can send it in a more formal response, they're subsidizing in multiple ways. They're giving extended loans, loans that wouldn't qualify because the company's bankrupt in the first place. They're giving them very artificially low interest rate loans. They're giving them preferential treatment inside, because they're owned by the Government of China. They're getting a whole series of preferences and preferential treatment and they're doing this. I understand why.
I didn't mention in my opening comments, but McKinsey consulting has documented this, and this has been confirmed to me when I've been in China. Some 15 million people are coming from the rural areas into the cities every year, and they're not coming to visit. They move to the cities, and the legitimacy of the Chinese government comes from one thing—and I hear this privately from people—they're going to deliver them jobs.
The Chinese government is terrified. The moment they stop...and I'm not trying to defend what they're doing. I'm just trying to explain what they're doing and why they are not going to reform and stop dumping steel. Because the pressures on them at home are so great, we're going to have to stop them, because I don't think they're going to.