Many developing nations, including India, are set to oppose the European Union’s (EU’s) carbon border adjustment mechanism (CBAM) that aims to tax imports of carbon-intensive products such as steel, aluminium, cement, and electricity. The EU is also expected to file a complaint against the US’s Inflation Reduction Act because the $430 billion subsidy to manufacturers of green technology will distort international prices and is against WTO norms.
In addition, escalating trade tensions between the US and China have seen China restricting exports of gallium and germanium—metals crucial to semiconductor manufacturing—and the US prohibiting Chinese investment in sensitive sectors such as computer chips and other technology sectors.
Trade tensions are flaring globally due to the crisis in WTO’s dispute settlement body. The top court is not functional since 2019 as the US is blocking appointments to the appellate body on the grounds that its concerns about the dispute system remain unaddressed.
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