Tuesday, July 15, 2014

WTO panel faults US duties on Indian steel

World Trade Organization dispute settlement panel, said that Washington had "acted inconsistently" with regulations set down for the international body's 160 member economies.

India filed its complaint at the WTO in 2012, after Washington imposed duties of nearly 300 per cent on imports of products including steel pipes.

The United States applied the duties because it felt Indian steel manufacturers were benefitting from unfair subsidies.

WTO members are allowed to impose so-called countervailing duties -- a special import tax -- if they believe that their domestic manufacturers are being hurt by subsidies granted by a trade partner to its companies.

The WTO regulations require the importing country to first conduct a detailed investigation that shows properly that domestic industry is hurt.
 

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