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India moves WTO over U.S. steel tariffs
News:
- India has launched a complaint with World Trade Organization against the United States regarding tariffs on steel and aluminium.
Important facts:
- U.S. has imposed the tariffs in March where it levy 25 % on steel imports and 10 % on aluminium.
- US said it is outside the WTO and justified it by raising its national security concerns.
- 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.
- 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.
- 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.
- 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.
- However, uncertainty is hanging over the WTO’s dispute settlement system because US is vetoing the appointment of new appeals judges.
