|
|
US challenges five WTO members for imposing retaliatory trade tariffs
|
|
|
|
Top Stories |
|
|
|
|
IANS | 17 Jul, 2018
The US on Monday launched a dispute at the World Trade Organization
(WTO) challenging five WTO member countries for applying trade tariffs
in retaliation for US President Trump's recent actions on the aluminum
and steel trade.
According to a US Department of Commerce
statement, the US has launched separate disputes at the WTO against
China, the European Union, Canada, Mexico and Turkey, challenging the
alleged "illegal" tariffs each of these WTO members imposed in response
to President Trump's actions on trade in aluminum and steel in order to
protect US "national security" interests, Efe reported.
"The
actions taken by the President are wholly legitimate and fully justified
as a matter of US law and international trade rules," said the
statement quoting US secretary of Commerce, Robert Lighthizer.
In
recent months, Donald Trump has increased tensions among traditional US
partners and allied trading blocs such as the EU, Canada, and Mexico,
with a focus on trade issues.
Last June, the US administration
decided to terminate its steel and aluminum tariff waivers on imports
from the EU, Canada, and Mexico. Said action was responded with similar
retaliatory moves by these WTO members.
Washington's move on
Monday coincided with another formal challenge issued hours before by
Beijing against the US, after President Trump decided to impose, earlier
this year, $ 200 Billion in additional tariffs on a list of Chinese
products.
These new US trade tariffs will be more comprehensive
than those already in effect, to the tune of $ 34 Billion, that drove
China to issue on July 6 a WTO complaint.
"The US will take all
necessary actions to protect our interests, and we urge our trading
partners to work constructively with us on the problems created by
massive and persistent excess capacity in the steel and aluminum
sectors," US Secretary of Commerce Lighthizer concluded.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|