The government’s in-house think tank has begun looking into whether Canberra should slap tariffs on Chinese steel amid pleas from Australian steelmakers for safeguards. Prime Minister’s Office / Handout / NewsWire Credit: SuppliedThe investigation came after the Australian Steel Institute (ASI) applied for emergency trade protections late last year, warning that fabricated steel imports had soared to 700,000 tonnes per year. Hosting media at the Chinese embassy on Wednesday, China’s ambassador Xiao Qian said current trade arrangements on steel were “mutually beneficial”. “We are concerned about excessive use of trade remedies.”Earlier this month, China placed steep tariffs on beef imports to protect Chinese producers after a lengthy safeguard investigation probing foreign beef supply. The country’s commerce ministry last week announced 55 per cent duties on beef imports above quota levels, dealing a blow to major suppliers including Australia, Brazil and the US.