The World Trade Organisation has ruled against the United States in a case brought by India over the imposition of high import duties on Indian steel products. The WTO’s Dispute Settlement Body (DSB) has stated that the US was unjustified in imposing countervailing duties (CVD) on India’s exports of hot rolled carbon steel flat products. It termed the US act is “inconsistent with WTO law on subsidies”.
Over the last decade, Indian carbon steel companies have been undergoing CVD imposed by the US that range from 18% to 500%. This action has reduced Indian exports of the product to almost zero, significantly damaging their carbon steel industry. The CVD is imposed by the US in an attempt to neutralize Indian Government subsidies on iron ore.
“We have to remember that the ruling does not state that the US has to remove the duties. The US has said it is weighing…
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