WTO members raised concerns over the unilateral action by the US to impose import tax on steel and aluminium, says Prabhu
Union commerce and industry minister Suresh Prabhu on Tuesday said India will bilaterally discuss the import tariff issue with the US.
US President Donald Trump last week announced a 25% tariff on US imports of steel and 10% on aluminium.
“India will bilaterally discuss import curbs with the US,” he told reporters at the end of the two-day World Trade Organisation’s ministerial meeting held in New Delhi, adding that India, however, was not among the top exporters of steel and aluminium.
WTO members raised concerns over the unilateral action by the US to impose import tax on steel and aluminium, Prabhu said.
About 52 countries, including the US and China, participated in the WTO’s informal ministerial meeting called by India amid rising protectionism in the international trade. This is the first meeting of WTO members after the announcement of import tariffs by Trump last week.
The participants also expressed concern over the serious threat posed to the credibility of the WTO by the unilateral trade measures such as the US imposing high import duties on steel and aluminium.
“These measures for whatever reasons have a very real potential for escalation because of the possibility of responses from other partners,” WTO director general Roberto Azevedo said addressing a press conference along with Prabhu. “We should avoid this and try to work within the framework of WTO,” he said.
“In many interventions, deep concern was expressed at the serious threat posed to the credibility of the WTO rules and some of its cardinal principles by the cycle of recent unilateral trade measures and proposed counter-measures,” Prabhu said.
Prabhu said it was recognised by almost all the participants that it was the collective responsibility of WTO members to address the challenges facing the system and putting it back on a steady and meaningful way forward, so that it continues to serve the people of their countries.
On the position of the US on the WTO, Azevedo said, “I didn’t hear the US saying that it is walking out of the WTO... They think the world has changed a lot and WTO needs to update in certain areas. What those updates are and what kind of reforms we don’t know. We are beginning to have that conversation. Members said they all want reforms, but we don’t know what that is and what kind of outcome that kind of conversation is going to have.”
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