India moves WTO over U.S. steel tariffs

India moves WTO over U.S. steel tariffs

News:

1. India has launched a complaint with World Trade Organization against the United States regarding tariffs on steel and aluminium.

Important facts:

1. U.S. has imposed the tariffs in March where it levy 25 % on steel imports and 10 % on aluminium.
2. US said it is outside the WTO and justified it by raising its national security concerns.
3. India, China, Russia, Japan, Turkey and the European Union have dismissed US claim as ”safeguards” under the WTO rules. they demand combined annual compensation of $3.5 billion.
4. India has claim to seeks recoup a cost of $31 million levied on its aluminium exports and $134 million on steel, and it has said it could target U.S. exports of soya oil, palmolein and cashew nuts in its retaliation.
5. According to WTO rules, U.S. has 60 days to settle the complaint, after which India could ask the WTO to set up an expert panel to adjudicate.
6. The U.S. had also exceeded the maximum import tariff allowed by the WTO and the tariffs were not applied uniformly to steel and aluminium imports from all suppliers, breaking a core principle of the WTO rulebook.
7. However, uncertainty is hanging over the WTO’s dispute settlement system because US is vetoing the appointment of new appeals judges.