US steel tariffs spark a flurry of WTO cases - Reuters
According to Reuters, 2018's US tariffs on broader-market steel and aluminum are causing an avalanche of new WTO claims against the US.
Key quotes
"The U.S. tariffs attracted an unprecedented seven requests for WTO adjudication, as well as a slew of criticism, at a fractious WTO dispute settlement meeting, while the United States hit back with legal actions against its critics.
U.S. Ambassador Dennis Shea said he was not surprised by China’s opposition, since it had massive overcapacity in metals production and was a non-market economy, but that Washington was “deeply disappointed” with the EU’s stance.
“We would encourage the European countries to consider carefully their broader economic, political, and security interests,” Shea told the meeting. “We will not allow China’s party-state to fatally undermine the U.S. steel and aluminum industries, on which the U.S. military, and by extension global security, rely.”
China’s representative responded by saying the United States was shifting its arguments to disguise its protectionism.
Canada and Mexico have also challenged the tariffs - 25 percent on steel and 10 percent on aluminum - but a U.S. trade official told the meeting that, after constructive discussions, Washington was hopeful of reaching an agreement with both."
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
