Speaking of the Trade Deficit...
Immediately after we at NIPPIES wrote about the trade deficit and the weaker dollar, we heard about a related item on both NPR and saw a news item on the Associated Press in a story by Johathan Fowler.
The World Trade Organization (WTO) approved, on Friday, major sanctions against the United States in retaliation for a 2000 law, designed to help the steel industry. The law, named after Senator Robert Byrd (Democratic, West Virginia), allows American companies to receive the proceeds from "duties levied on foreign rivals for alleged "dumping" - selling goods at below-market prices, making it impossible for American producers to compete", according to Jonathan Fowler's AP story.
Two years ago, the 148 nation World Trade Organization, following recommendations by the European Union -which, as we mentioned previously, carries a clout which is growing stronger by the minute- ruled the anti-dumping law "illegal" two years ago. Now, they have levied sanctions against the U.S.
The new WTO approved sanctions will cover a wide range of American exports, including, but not limited to, textiles, glassware, mobile homes, apples and cod. Not all countries involved have submitted lists, and there are expected to be many more U.S. products, including some heavy machinery, which will be probabaly be on the list of sanctioned products.
"It's been approved," said Amina C. Mohamed, Kenyan ambassador to the WTO and chairwoman of the organization's dispute settlement body. The sanctions were scheduled to become official on Wednesday (Nov. 24th), but United States trade diplomats held "last-minute talks with counterparts from the European Union and contries including Canada and India", according to the AP story by Jonathan Fowler. The WTO states that the amendment breaches trade laws by punishing exporters to the U.S. twice: by fining the exporters first, and then by returning the fines to the competing country- the U.S.
U.S. officials have declined comment. However, the amount of sanctions comes to a dollar amount in the neighborhood of $150,000,000, according to the National Public Radio story.
Other countries joining the EU (European Union) in its complaint against the U.S. benefiting from the 2000 Byrd anti-dumping law are: Brazil, Canada, Mexico, South Korea, India, Chile and Japan.
The sanctions will take place beginning sometime next year.
Read the whole AP story, by Jonathan Fowler, here:
WTO Approves Sanctions Against U.S. Exports
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