WTO rule on US steel tariffs
World Trade Organisation (WTO) earlier decided to examine the
US steel tariffs of upto 30% upon request by EU. Last Friday, the requests of
Japan and South
Korea were also accepted. Furthermore requests of
China and other countries are also expected to be approved.
USA insists that these duties implemented for the purpose of protecting the
US steel industry are not against the WTO rules. However EU does not share this
opinion. In case it takes more than a couple of months to settle this dispute EU is preparing to impose retaliatory tariffs amounting to $300million. Likewise
Japan was ready to impose 100% retaliatory tariffs to
US steel products however Takeo Hironuma,
Japan's minister of the economy, trade and industry announced last week that they have decided postpone until the
US announces the entire exemptions and offer concessions.
The
US steel consumers complaint that the growing
US economy will conclude in booming prices added up to the threats of retaliatory tariffs urge the United States to give some grounds.