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5 March, 2002In order to protect its steel industry, the USA will place tariffs of up to 30 per cent on most imported steel, an action likely to lead to an international trade dispute.
USA: The USA will require tariffs of 8 to 30 per cent on most imported steel. The action, announced by President Bush, will block billions of dollars worth of steel from the European Union, Japan, South Korea and Russia from sale in the world's largest market.
The European Commission will defy the U.S. trade restrictions in the World Trade Organisation. It plans to create barriers around its own steel market if it detects any danger of imports from third countries being diverted to it as a result of the U.S. measures.
The U.S. argues the action is legal under world trade rules which allow countries temporarily to protect industries being damaged by a flood of imports.
Asked to comment the action taken by the USA, the IMF's general secretary, Marcello Malentacchi, says that the IMF cannot take a position on this issue. But he refers to the IMF World Steel Conference which took place in Washington, D.C. in April 2000. The conference agreed on a declaration which addresses issues like world trade, state aid, import duties and the liberalisation of the world steel market.
The full text of the "Washington Declaration", adopted by 155 delegates representing IMF-affiliated trade unions from 37 countries, including Germany, USA, Australia, Belgium and Sweden, can be downloaded on www.imfmetal.org/publications. It is available in five languages.
The European Commission will defy the U.S. trade restrictions in the World Trade Organisation. It plans to create barriers around its own steel market if it detects any danger of imports from third countries being diverted to it as a result of the U.S. measures.
The U.S. argues the action is legal under world trade rules which allow countries temporarily to protect industries being damaged by a flood of imports.
Asked to comment the action taken by the USA, the IMF's general secretary, Marcello Malentacchi, says that the IMF cannot take a position on this issue. But he refers to the IMF World Steel Conference which took place in Washington, D.C. in April 2000. The conference agreed on a declaration which addresses issues like world trade, state aid, import duties and the liberalisation of the world steel market.
The full text of the "Washington Declaration", adopted by 155 delegates representing IMF-affiliated trade unions from 37 countries, including Germany, USA, Australia, Belgium and Sweden, can be downloaded on www.imfmetal.org/publications. It is available in five languages.