WTO panel ruling for 8 countries on US steel tariffs
WTO Dispute Settlement body (DSB) approved on Monday the request of a panel by
China,
Switzerland and
Norway, in order to investigate the justificability of the
US steel tariffs implemented on imports from these countries.
Previously requests already have been made by the EU,
Japan and South
Korea.
WTO earlier accepted the request of a panel by EU and the related panel was set up in June 3.
As expected, the requests of
Japan and South
Korea are also accepted by WTO and the same panel is going to examine the situation for these countries as well. It is reported that
Brazil and
New Zealand are also willing to join the case.
The European Union is prepared to implement retaliatory tariffs to US exports if the US fails to offer compensations.
EU insists that the US safeguard measures implemented by Bush administration in March are breaking the WTO rules whereas the US trade officials keep emphasizing that these measures are brought with the purpose of protecting the
US steel industry from injury .
It might take the panel up to a year to rule on the tariffs.