Last Minute Economic News: WTO’s Tax Decision Impacts US Steel
The World Trade Organization (WTO) has ruled that Turkey’s additional taxes imposed in response to the US steel and aluminum tariffs are “inconsistent” with the organization’s policies. As a result, the WTO has called for Turkey to remove the taxes.
In March 2018, former President Donald Trump’s administration decided to impose a 25 percent tax on steel imports and a 10 percent tax on aluminum imports. In retaliation, Turkey imposed an additional 25 percent tax on steel imports from the USA.
The WTO’s decision is a significant development in the ongoing trade disputes between the US and Turkey. It remains to be seen how Turkey will respond to the ruling and whether it will comply with the WTO’s directive to remove the additional taxes.
The outcome of this dispute could have wide-ranging implications for international trade and relations between the US and Turkey. It will be important to monitor how the situation unfolds in the coming weeks and months.
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