Global News Of Note: Mexican Government Takes On Chinese Steel Exporters

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• As the South China Morning Post reported, the Mexican government announced in late December that it would impose a nearly-80 percent tariff on imports of cold-rolled steel sheets from Vietnam that are believed to be originating from China. If importers can prove the steel comes from a country other than China, however, they will be exempt from the tariff. The decision came after local producers alleged Chinese steelmakers have harmed domestic production. It also came four months after the Mexican government imposed a 25 percent tariff on some steel imports from countries with which it does not have a free-trade agreement, including China.
• According to Reuters, a World Trade Organization (WTO) dispute panel has ruled the Turkish government must repeal duties imposed on products from the United States that were put in place in retaliation for the United States’ Section 232 steel and aluminum tariffs. The panel found Turkey’s tariffs were “inconsistent” with WTO policy. The United States had initiated dispute settlement proceedings against Turkey. Read more here.