Foreign countries' retaliatory tariffs against the Trump administration’s new global tariffs could cut U.S. exports of goods covered by the World Trade Organization’s Information Technology Agreement by at least $56 billion a year, the Information Technology and Innovation Foundation said April 23.
World Trade Organization Director-General Ngozi Okonjo-Iweala told former U.S. Trade Representative Michael Froman that she had a meeting with USTR Jamieson Greer "yesterday that was a little bit comforting," but that the current 10% U.S. tariff on most countries, plus 25% tariffs on cars, steel and aluminum and some products from Canada and Mexico, and 145% tariffs on Chinese imports, if it lasts, will result in global merchandise trade falling by 0.2%. Before the actions, the WTO forecast a 2.7% growth in goods trade this year.
World Trade Organization members elected Argentina's Gustavo Nerio Lunazzi the new chair of the Council for Trade in Goods, the WTO announced.
World Trade Organization members confirmed the appointment of Nigeria's Adamu Mohammed Abdulhamid to serve as chair of the special session of the Council for Trade in Services, the council's "negotiating arm," the WTO announced. Abdulhamid will lead discussions to achieve a "progressively higher level of liberalization, as reflected in members' specific commitments under the General Agreement on Trade in Services," it said.
China raised the tariff rate on U.S.-origin goods, from 34% to 84%, in response to President Donald Trump's April 8 executive order raising reciprocal rates by 50% (see 2504080079), the Office of the Tariff Commission of the State Council announced April 9. The new tariffs will take effect at 12:01 a.m. April 10, the commission said, according to an unofficial translation.
Moldova formally accepted the World Trade Organization Agreement on Fisheries Subsidies on April 8, bringing the number of countries that have accepted the deal to 96. The WTO needs 15 more countries to accept to get to two-thirds of the membership, the threshold for the agreement to take effect.
China opened a dispute at the World Trade Organization on April 8 on the U.S. reciprocal tariffs, claiming that the duties violate the General Agreement on Tariffs and Trade (GATT) 1994, the Agreement on Customs Valuation and the Agreement on Subsidies and Countervailing Measures. China's challenge covers the 34% additional tariff on Chinese imports that is set to take effect April 9, along with the 10% duty on imports from all trading partners, which took effect on April 5.
Canada filed a dispute consultation request with the U.S. at the World Trade Organization on April 7, alleging that the U.S. government's 25% additional tariff on automobiles and automobile parts violate WTO obligations. The request said the duties "appear to be inconsistent with" U.S. obligations under Articles II and VIII of the General Agreement on Tariffs and Trade 1994.
The European Commission has proposed 25% retaliatory tariffs on some U.S. goods in response to the tariffs on steel and aluminum President Donald Trump imposed last month (see 2503120042), according to a document seen by Reuters, the news service reported April 7.
Antigua and Barbuda formally accepted the World Trade Organization Agreement on Fisheries Subsidies on April 3, bringing the number of countries that have accepted the deal to 95. The WTO needs 16 more countries to accept to get to two-thirds of the membership, the threshold for the agreement to take effect.