WTO rule on US steel tariffs

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.