WTO approves retaliation of US anti-dumping law
The World Trade Organization (WTO) recently announced that it will allow the European Union (EU) and seven other nations to impose punitive duties worth $150 million on US goods as the US Congress has failed to revoke anti-dumping duties which were found to be violating global trade laws.
The anti-dumping duty measure found to be illegal by WTO is known as the “Byrd Amendment”.
In line with the recent decision of WTO, the 25 European Union countries and seven other countries, including
Brazil,
Canada,
Japan,
Mexico,
India,
Chile and South
Korea will be able to impose higher taxes on US goods, ranging from steel to pasta. However, it should be noted that taxes on steel products was the centre of the dispute between the US and the WTO. How soon the countries will impose counter-measures on US goods is still not clear.