rss icon Subscribe
desktop mobile

EU Demands Compensation for US Steel Tariffs

© David H M Wingate / Adobe Stock

By Tom Miles

The European Union is seeking compensation from the United States for U.S. tariffs on steel and aluminium, despite Washington's assertion that they are not subject to World Trade Organization rules, a WTO filing showed on Monday.

In a step already taken by China, the EU said it did not accept the "national security" justification for the U.S. tariffs but said they had been imposed just to protect U.S. industry.
"Notwithstanding the United States' characterisation of these measures as security measures, they are in essence safeguard measures," the EU statement said.
Safeguard tariffs can be imposed on imports of a particular product if a country's own industry is at risk of serious damage from a sudden surge of imports. In the U.S. case, critics of Trump's policy say there is no such threat.
The EU said it wanted to hold consultations with the United States as soon as possible.
U.S. President Donald Trump announced the tariffs last month, causing a global outcry because the penalties were seen as unjustified and populist.
Countries can claim exemption from many international trade rules if they can show they are imposing tariffs to protect their national security. But those exemptions do not apply for safeguard sanctions.
The EU and other U.S. allies are not only worried the tariffs will limit that amount of their goods getting into the United States. They also fear steel barred from the United States will flood back into their markets, causing a glut.
China had said it will retaliate by putting duties on up to $3 billion of U.S. imports including fruit, nuts and wine.
The EU is drawing up its own list of duties.


(Reporting by Tom Miles Editing by Hugh Lawson)

Apr 16, 2018

 

Finance

Baltic Index Down for Fifth Straight Session

© hdcphoto / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk

PAO Sovcomflot: Tanker Market is Challenging

Photo: PAO Sovcomflot

PAO Sovcomflot (SCF Group) continued to increase the share of its fleet serving long-term energy

Federal Funding for Port of Vancouver

Photo: Vancouver Fraser Port Authority

The Vancouver Fraser Port Authority received federal funding for projects that will improve the

People & Company News

Diana Containerships Sells m/v Puelo

Puelo. Photo: Diana Containerships Inc.

Diana Containerships has announced that it has signed, through a separate wholly-owned subsidiary

Unda Named CEO of SENER Group

Jorge Unda (Photo: SENER Group)

Jorge Unda, until now the Managing Director of the Engineering and Construction area of the SENER

Novatek Plans New Arctic Transport Company

Photo: PAO Novatek

Russia's gas production and sales company PAO Novatek has created a transportation unit called

Maritime Apps