India is reportedly preparing to retaliate against the U.S. for its imposition of a 50% duty on Indian steel, aluminum, and their derivatives, a move stemming from a trade dispute that has escalated significantly. This retaliation, based on World Trade Organization rules, comes after the U.S. rejected India’s request for consultations regarding the tariffs, which New Delhi views as non-compliant with WTO regulations. The Indian government views the tariffs as detrimental to India’s economic interests, particularly as bilateral trade talks have stalled. The U.S. exports a significant amount of merchandise to the Indian market.
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The United States has voiced fresh concerns at the World Trade Organization (WTO) regarding India’s dairy certification requirements for imported milk and milk products. Specifically, the US views the required comprehensive veterinary health certificate, which must verify the absence of various substances, as an unnecessary trade obstacle. The US has emphasized that these requirements should be scientifically justified and minimally restrictive. While the two countries are discussing an interim trade deal, the US has also expressed concerns about India’s recently revised dairy certification, which is scheduled to take effect in November 2024.
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India has informed the WTO of its plan to impose retaliatory tariffs totaling nearly $724 million on the U.S. due to increased U.S. tariffs on specific Indian automobiles and parts. This move, detailed in a communication to the WTO, comes amid ongoing negotiations for a mini-trade deal between the two countries. India argues that the U.S. tariffs violate WTO agreements and reserves the right to suspend concessions equivalent to the adverse effects on Indian trade. The proposed tariff increases on selected U.S. products aim to offset the $723.75 million in duties resulting from the U.S. measures, which impact roughly $2.89 billion of Indian imports annually.
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The World Trade Organization (WTO) predicts a decline in global trade this year, primarily due to US tariffs. This decrease is projected to be particularly significant in North America, exceeding ten percent. The WTO cites escalating trade tensions and uncertainty, especially the decoupling of US-China relations, as major contributing factors. While some regions may experience modest growth, the overall forecast reflects a substantial negative impact on global trade. The WTO also lowered its services trade growth projection.
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The World Trade Organization (WTO) forecasts a significant decline in global goods trade this year, revising its projection from a 2.7% expansion to a 0.2% contraction, primarily due to the impact of US tariffs. This downturn is largely attributed to the decoupling of US-China trade, potentially plunging by 81-91% without exemptions for tech products. The WTO warns that reimposition of paused tariffs, coupled with increased trade policy uncertainty, could exacerbate the situation, leading to even steeper declines in global trade and GDP growth. The organization urges member countries to address these issues to mitigate further economic damage.
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In response to President Trump’s announcement of a 24 percent reciprocal tariff on Japanese goods, Chief Cabinet Secretary Yoshimasa Hayashi expressed strong regret and urged the U.S. to reconsider, citing concerns about WTO and Japan-U.S. trade agreement compliance. The imposition of these tariffs, Hayashi warned, could severely impact bilateral economic ties and the global economy. While specific retaliatory measures remained undisclosed, the Japanese government pledged support for affected businesses through consultation and financial aid. The U.S. tariffs, initially a uniform 10 percent, will rise to 24 percent for Japan on April 9th.
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In response to increased US tariffs, China imposed retaliatory tariffs of 10-15 percent on various US agricultural and manufactured goods, including soybeans, pork, and poultry. Simultaneously, fifteen US firms were added to China’s export control list, requiring special approval for dual-use item shipments. An additional ten US companies were blacklisted for activities deemed detrimental to China’s interests, primarily involving arms sales to Taiwan. These actions, coinciding with the US tariff escalation, represent a significant escalation of trade tensions between the two nations. Furthermore, China plans to pursue legal action against the US at the World Trade Organization.
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The European Commission’s proposed “Clean Industrial Deal,” prioritizing EU firms in public contracts, has drawn sharp criticism from Chinese and American industry groups. These groups argue the proposal violates WTO rules by discriminating against foreign companies, hindering decarbonization efforts and escalating trade tensions. While the EU’s legal justification may be stronger against China, which isn’t a signatory to the Agreement on Government Procurement, concerns remain that such protectionism will increase costs and slow the clean energy transition. Further, the upcoming Industrial Decarbonisation Accelerator Act will reinforce this “made-in-Europe” preference, potentially exacerbating existing trade imbalances.
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Hong Kong’s decision to complain to the World Trade Organization (WTO) about a U.S. tariff decision highlights a complex and long-standing dispute. The move underscores Hong Kong’s dissatisfaction with the tariff, but also raises broader questions about the WTO’s effectiveness and the evolving relationship between Hong Kong and China.
The crux of the issue lies in the seemingly arbitrary nature of U.S. tariff policies, which have impacted Hong Kong despite the intricacies of its unique political and economic status. This situation reflects a global trend where international trade agreements often face challenges in enforcement, particularly when powerful nations are involved.
The current state of the WTO itself presents a significant hurdle.… Continue reading
John Q. Hosedrinker 
Matt Underwood