US delays possible retaliation in Spanish olive case

Published Nov 22, 2024

Tridge summary

The United States has secured the review of its tariffs on Spanish olives at the World Trade Organization (WTO), delaying the European Union's potential trade retaliation by at least a month. The EU had sought authorization to impose a $35 million annual penalty on Washington for not complying with the WTO's ruling that the tariffs, which violate trade laws, should be removed. The EU had given the US a reasonable period to comply, which passed in January 2023, and argued that the US Department of Commerce's reduction of tariffs from 35% to 31% was insufficient. This dispute is significant as the WTO's decision could set a precedent for the US to challenge the European agricultural subsidy policy under the Common Agricultural Policy (CAP).

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The United States has succeeded in having the case of its tariffs on Spanish olives submitted to arbitration again at the World Trade Organization (WTO), which will delay the possible imposition of trade retaliation of 35 million dollars a year against Washington, something that the European Union requested from the organization. The United States "objects to the levels of suspension of concessions and other obligations" proposed by the European Union in its recent request for retaliation, so the issue will be submitted to new arbitration, the WTO has indicated in an information note. In practical terms, this will mean that the EU's request for retaliation, which should have initially been discussed next Monday, November 25, at the monthly meeting of the WTO's dispute resolution body, will ultimately not be included in the agenda, which will delay its deliberation by at least a month. The EU had requested authorization from the WTO to retaliate against the United States for ...

Source: PEefeagro