The WTO ruled that the 25% taxes on global steel imports and 10% import tariffs on aluminum imposed under former US President Donald Trump violated their rules.
, a WTO ruling has sparked a new war of words between the United States and China. Last weekend, the WTO finally ruled on the 25% taxes on global steel imports and 10% import tariffs on aluminum imposed under former US President Donald Trump. The WTO dispute settlement panel ruled that these taxes violated their rules.
and other WTO members to safeguard the multilateral trading system. However, the Biden administration clarified it would not remove the tariffs imposed by the previous government, much to the cheer of US steel mills.China’s response to the WTO ruling was hardly surprising. However, a report inregarding US steel news may hold the key as to why it was so harsh. Many believe it was partly due to a proposal by the Biden administration from early December.
The report also stated that the Biden administration had already reached agreements with the EU, Japan, and the United Kingdom to replace the tariffs with import quotas. In return, the trading partners removed their own retaliatory tariffs against the US.
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