US Loses Trade Dispute with India and China

The World Trade Organisation (WTO) has found the United States violated global trade rules when it imposed tariffs on products from China and India.

In response to a 2012 complaint, the WTO said the US improperly imposed tariffs on Chinese steel and solar panels.

In a separate ruling, it said the US must change the way it imposes tariffs on India steel products.

The US is embroiled in several trade spats with China and India.

“China urges the United States to respect the WTO rulings and correct its wrongdoings of abusively using trade remedy measures, and to ensure an environment of fair competition for Chinese enterprises,” said China’s foreign trade ministry in a statement.

However, the WTO did not agree with all of the complaints filed by India and China.

The US – which has argued it imposed the tariffs to combat artificially low prices on products from India and China’s state-subsidised industries – has the right to appeal the ruling.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza