GENEVA: Major US trading partners including the European Union, China and Japan voiced deep concern at the World Trade Organisation (WTO) on Tuesday (Jul 3) about…
GENEVA: Major US trading partners including the European Union, China and Japan voiced deep concern at the World Trade Organisation (WTO) on Tuesday (Jul 3) about possible US measures imposing additional duties on imported autos and parts.
Japan, which along with Russia had initiated the discussion at the WTO Council on Trade in Goods, warned that such measures could trigger a spiral of counter-measures and result in the collapse of the rules-based multilateral trading system, an official who attended the meeting said.
Over 40 WTO members, including the 28 countries of the European Union – warned that the US action could seriously disrupt the world market and threaten the WTO system, given the importance of cars to world trade.
The United States has imposed tariffs on European steel and aluminium imports and is conducting another national security study that could lead to tariffs on imports of cars and car parts.
