9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

Steel producers satisfied with WTO's decision in favor of Turkey

Veysel Yayan, Secretary General of the Turkish Steel Producers Association (TÇÜD), noted that the decision of the World Trade Organization (WTO) in favor of Turkey against the US's additional customs duty on steel was a development they expected.

Steel producers satisfied with WTO's decision in favor of Turkey

Former US President Donald Trump announced in March 2018 that additional tariffs of 25 percent and 10 percent, respectively, will be imposed on imported steel and aluminum from countries including Turkey. Turkey, China, Norway, India, Russia and Switzerland filed a complaint against the USA with the WTO because the decision was against the WTO rules.

The three-person panel of the WTO Dispute Resolution Mechanism, on December 11, 2022, upon the application of Turkey, Norway, China and Switzerland, rejected Trump's citing "national security" concerns to justify his decision, and decided that the taxes would not be implemented  during "event of war or other emergency."

In his evaluation to the AA correspondent, Yayan reminded that after the USA implemented the protection measure in 2018, the EU claimed that "there may be a trade diversion to the EU market" based on this and that "products that cannot enter the USA may head towards the EU".

Stating that Trump took a precautionary measure in order to prevent a deficit of 370 billion dollars a year for China, Yayan said, "For 22 years, a deficit of 50 billion dollars has been given in favor of the USA in bilateral trade with our country. Despite this, it is incomprehensible that while the flexible quota application has been introduced to other stakeholder countries, the continuation of pressure on our steel industry and not taking steps in the same direction in Turkey.

Veysel Yayan said that although the EU and the USA are actively involved in the establishment of the WTO, they do not fulfill their obligations by "almost ignoring" the WTO when a decision is taken against their interests, and demands the implementation of WTO rules only when a decision is made in their favor.

Saying that the US authorities find it strange to accuse the WTO of exceeding its limits, Yayan said, "It is vital for the US and the EU to comply with WTO decisions as soon as possible in terms of maintaining the validity of certain rules and order in world trade." 

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Roadmap for India’s steel sector: Demand, imports and future plans

Friday, November 22, 2024

World crude steel production increased by 0.4% in October

Friday, November 22, 2024

Grupo Celsa and Sev.en GI made a sale agreement partnership

Friday, November 22, 2024

Japan to launch mandatory emissions trading system in 2026

Friday, November 22, 2024

ArcelorMittal considers closing two centers in France

Friday, November 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now