Re: Oops!
Few years back, China got miffed at a certain nation occupying a continent south of it due to its government vocally drawing attention to certain human rights abuses. China therefore stopped importing coal, wine, lobsters, barley and certain other commodities from that country, in breach of a FTA and WTO rules, in an attempt to blackmail it into toeing the party line.
Sovereignty being what it was, the appropriate response was "get stuffed". New markets were found for the exports, leaving low quality high priced replacements (if at all) for Chinese consumers and industries.
Seeing that their blackmail was ineffectual, and wanting nice beer, wine and lobsters on the table and high quality steel from their factories, the Chinese now want cheap imports to resume. Only problem is, the new markets that were opened up in response to their illegal political protectionism mean that the global market price for said commodities is now higher than it used to be.
They might be just as vulnerable to digging themselves a big hole on the export side of their economy too. Time will tell.