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Trump Trade War - Japan, Russia and Turkey retaliate

Steel News - Published on Thu, 24 May 2018

Image Source: reutersmedia.net
Reuters reported that Japan, Russia and Turkey have warned the United States about potential retaliation for its tariffs on steel and aluminium, the World Trade Organization said bringing the total US tariff bill to around USD 3.5 billion annually. The three countries detailed their compensation claims in notifications to the world trade body, following similar moves by the European Union, India and China. Each showed how much the disputed US tariffs would add to the cost of steel and aluminium exports to the United States, based on 2017 trade.

They all reject the US view that the import tariffs 25% on steel and 10% on aluminium are justified by US national security concerns and are therefore exempt from the WTO rules. They said the US tariffs have all the hallmarks of “safeguards”, a trade restriction that can be legitimately used to protect a struggling industry from an unforeseen surge in imports.

A country using safeguards must compensate other WTO members who stand to lose out from the restriction on their trade, normally by re balancing their trading relationship with a net increase in imports of other goods.

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Posted By : Nanda Koijam on Thu, 24 May 2018
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