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

'Hyundai Town' Grapples with Slowed Shipyard and Grim Future

(Photo: Hyundai Heavy Industries)

When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago

Peak Pegasus Finally Unloads US Soybeans in China

© Jackie Pritchard / MarineTraffic.com

A vessel carrying U.S. soybeans was unloading its cargo worth at least $23 million at the Chinese

Long Beach Container Volumes Dip in July

Photo: Port of Long Beach

The Port of Long Beach saw a decline in container volumes in July compared to the same month a

People & Company News

ZEABORN Combines E.R. Schiffahrt and Rickmers

web PANO_20161021_090250_2.jpg

The ZEABORN Group announced it has combined its two recently acquired Hamburg-based ship

Students Face Off in Underwater Competition

Harbin Engineering University from China takes first place in the 2018 International RoboSub Competition. RoboSub is a robotics program where students design and build autonomous underwater vehicles to compete in a series of visual-and acoustic-based tasks. (Photo by Julianna Smith, RoboNation)

It was an exciting time in San Diego as nearly 50 high school and university teams from around the

Enestas Boosts SEA\LNG’s Presence in Americas

Image: SEA\LNG

SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of

Maritime Apps