WTO members debate ‘rebalancing’ of tariffs under safeguard agreement

The U.S. has called on the World Trade Organization Secretariat to produce a “catalogue” of rebalancing tariffs in response to safeguards to guide WTO members in future reviews, as well as when calculating if such tariffs achieve a “substantially equivalent” level of concessions. The U.S. made its suggestion to the Safeguards Committee on Wednesday, when WTO members reviewed the application of rebalancing tariffs imposed by Turkey to counter safeguard measures levied by Thailand on imports of Turkish hot-rolled steel. The...