41 WTO Members Issue Statement Opposing Protectionist Measures

SEATTLE (Scrap Monster): Forty-one members of the World Trade Organization issued a statement on May 7 saying they are “concerned about increased trade tensions and related risks for the multilateral trading system and world trade.”

Disputes over trade have increased in recent months following President Trump’s March announcement that he would impose tariffs on steel and aluminum imports in the interest of national security. Several countries have objected to the tariffs, and China and the European Union have indicated that they might impose restrictions on U.S. imports in response, moves that led to additional tariff plans from the White House. This tit-for-tat has led to fears of a trade war.

“We encourage WTO Members to refrain from taking protectionist measures and to avoid risks of escalation,” the May 7 statement asserted. “We call on Members to resolve their differences through dialogue and cooperation, including through WTO bodies and, as appropriate, recourse to WTO dispute settlement.”

The signers to the statement included Australia, Brazil, Canada, Mexico, New Zealand and South Korea. Neither the United States nor China nor any members of the European Union signed the statement.

Separately at the WTO, the European Union, China, Russia and India are seeking compensation from the United States for the steel and aluminum tariffs, calling them “safeguard” measures that are intended to protect domestic producers, not enhance national security.

Courtesy: AIIS