WTO approves sanctions against US goods
As previously reported by SteelOrbis, the World Trade Organization (WTO) ruled that the Byrd Amendment was illegal since it both fines the importers and also provides competitive advantage to domestic producers as they are given the fines.
The US officials first appealed the decision then promised to make certain changes in the law however they were unable to come to an agreement on repealing the Byrd Amendment.
The EU,
Brazil,
China,
Japan,
Mexico,
Canada,
India and
Chile brought their complaints about the issue to the WTO.
The EU and
Japan argue that they were hit especially hard by the Byrd Amendment. The EU is claiming around $50 million and
Japan is claiming around $80 million.
After reviewing the complaints, the WTO gave its approval for the affected countries to impose sanctions worth $150 million on US goods such as steel and textiles.