Commoney Wise
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
  • Login
  • Register

  Breaking
Umesh Revankar Of Shriram Finance Speaks On Steady Q3FY23 Performance | Business News February 8, 2023
Missouri man who killed 4 executed despite innocence claims February 8, 2023
Pelosi says this is the real reason GOP members were heckling Biden February 8, 2023
Coinbase Insider Trading Scandal Rocks Crypto Community – Former Employee Pleads Guilty February 8, 2023
Maersk forecasts plunge in profits as container shipping boom ends February 8, 2023
Next
Prev

en English
en Englishes Españolde Deutschfr Françaisit Italianopt Portuguêsru Русскийzh-CN 简体中文hi हिन्दीja 日本語
Casino
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
No Result
View All Result
Commoney Wise
Casino
  • News
  • Politics
  • Business
  • Economy
  • Finance
  • Investing
  • Markets
  • Crypto
  • Tech
  • Videos
Home Business

Biden admin pushes back against WTO rejection of Trump’s tariffs on steel, aluminum

Staff by Staff
December 11, 2022
in Business
0 0
A A
0

The World Trade Organization (WTO) rejected the 2018 tariffs implemented by then-President Donald Trump on foreign steel and aluminum in a Friday ruling that elicited pushback from the Biden administration.

Trump imposed tariffs, which are taxes on imported goods, of 25% on steel and 10% on aluminum on the grounds that importing those products threatened U.S. national security under Section 232 of the Trade Expansion Act. 

By raising taxes on imported steel and aluminum, the Trump administration sought to protect domestic manufacturers against what it believed was global overproduction – although Canada and Mexico along with several other nations were exempted from the tariffs.

The tariffs angered U.S. allies including the European Union and Japan and led to a trade dispute at the WTO when China, Norway, Switzerland, and Turkey challenged the move.

US, EU AGREE TO INTENSIFY TALKS ON ‘GREEN SUBSIDIES’ DISPUTE

In its ruling, the WTO said it was “not persuaded” that the U.S. implemented the tariffs “in time of war or other emergency in international relations” that would justify the tariffs on national security grounds. 

The WTO’s decision is unlikely to have much real-world impact. If the U.S. appeals the ruling, it won’t go anywhere as the WTO’s Appellate Body hasn’t functioned for three years due because the U.S. blocked the appointment of new judges.

EU HITS US FOR INFLATION REDUCTION ACT ELECTRIC VEHICLE TAX CREDIT REQUIRING FINAL ASSEMBLY IN NORTH AMERICA

US manufacturing

The Biden administration also entered into agreements with the EU, Japan, and the United Kingdom that functionally eliminate the tariffs and replace them with import quotas that negate the taxes on volumes of imported steel and aluminum that fall beneath the threshold. Those trading partners dropped retaliatory tariffs against the U.S. in response to the Biden administration’s changes.

Despite having taken steps to negate the tariffs, the Biden administration took issue with the WTO’s decision and argued it overstepped its authority by ruling against tariffs based on national security concerns.

TAIWAN TALKS TRADE WITH US, BRITAIN AS CHINA TENSIONS LOOM OVER BIDEN-XI MEETING

“The United States strongly rejects the flawed interpretation and conclusions,” said Adam Hodge, spokesman for the Office of the U.S. Trade Representative. “The United States has held the clear and unequivocal position, for over 70 years, that issues of national security cannot be reviewed in WTO dispute settlement.″ 

Hodge said the WTO “has no authority to second-guess’’ the national security decisions of member countries. His statement concluded, “The Biden administration is committed to preserving U.S. national security by ensuring the long-term viability of our steel and aluminum industries, and we do not intend to remove the Section 232 duties as a result of these disputes.”

CLICK HERE TO GET THE FOX BUSINESS APP

United Steelworkers, a trade union representing 850,000 workers, released a statement opposed to the WTO ruling that said, “U.S. actions have been effective. Section 232 relief helped to promote production, investment and job creation, while keeping America safe.”

Critics of the tariffs have argued that protectionist measures make U.S. industries less competitive. A report by the Cato Institute from last year argued the tariffs put U.S. steel consumers at a “major cost disadvantage versus their competition in Europe and elsewhere.”

The Associated Press contributed to this report.

Read the full article here

ShareTweetSharePinShareSendShare
https://www.madmoneycasino.com/?faff=667&sub=DemCasino

Related Articles

Business

Maersk forecasts plunge in profits as container shipping boom ends

February 8, 2023
Business

Bigger utilities to benefit most from Biden’s clean-energy fund

February 8, 2023
Business

SocGen profits slide as bank lifts bad loan provisions fivefold

February 8, 2023
Business

SOTU: Biden pushes for insulin cost caps

February 8, 2023
Business

The QuickBooks and the dead

February 8, 2023
Business

27% of consumers in relationships expect Valentine’s Day spending may cause them to rack up credit card debt

February 8, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Commoney Wise

Commoney Wise is your one stop news website for the latest finance, business and crypto news, follow us to get the news that matters to your minute by minute.

Our Other Brands Kronosslott, Commoneywise, Demcasino.de, SportsExtremes.tv, Slotgamesusawwr, Coin Desk Times, Kingsofgolf.be

Topics

Business Commodities Crypto Economy Finance Forex Futures Investing Markets News Politics Stocks Tech Videos

Get Informed

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • Privacy
  • Terms
  • Press
  • Advertise
  • Contact

© 2022 Commoney Wise. All Rights Reserved.

No Result
View All Result
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos

© 2022 Commoney Wise. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.