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Home Steel News WTO: US tariffs may damage steel & aluminum market
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WTO: US tariffs may damage steel & aluminum market

25 Oct 2018 14:55 reported by Kate Lee

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The World Trade Organization (WTO) recently said that the US' steel and aluminum tariffs might have a negative impact on the steel and aluminum market. Meanwhile, members of the WTO such as the European Union (EU), Japan and other countries also indicated that the reason for the US to impose tariffs on steel and aluminum were inappropriate, and it would hurt the stability of the multilateral trading system.

According to the president and CEO of Ford Motor Company, the US steel prices were the highest in the world. Although Ford Motor Company purchased most of its materials from domestic sources, its profits were still reduced by about US$1 billion due to US tariffs.

The WTO members hoped to use the WTO dispute settlement mechanism to verify the legality of US steel and aluminum tariffs. Meanwhile, the EU, Canada, Mexico, Norway, Russia and Turkey also requested the WTO to investigate the US' steel and aluminum tariffs.

Up to now, the WTO has 9 members to take corresponding measures against US steel and aluminum tariffs. The EU, Russia, Turkey, Canada and Mexico have negotiated about trade disputes and hope to reach a consensus to solve the current problems.

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