Climate subsidies like Canada’s $13-billion for Volkswagen herald new trade wars
Lawrence Herman is an international lawyer with Herman & Associates and a senior fellow at the C.D. Howe Institute in Toronto.$13-billion to VolkswagenCanada’s had matched what Volkswagen would have gotten under similar, American subsidies.
The problem lies at two levels. At the multilateral level are the obligations in the World Trade Organization Agreement prohibiting the kind of measures just referred to. The issue is that WTO rules were written decades ago, first in the 1947 General Agreement on Tariffs and Trade and updated in the 1994 WTO Agreement itself.
One of the ideas under consideration at the International Monetary Fund, the Organization for Economic Co-operation and Development, and the WTO itself is a “standstill” or peace clause by which governments agree not to challenge carbon-reduction measures of another WTO member for a specified time period.
The more likely source of future trade wars, however, is at the domestic level, where national trade remedy laws – as in the U.S., Canada, the EU, Australia, etc. – allow countervailing duties to be levied on subsidized imports that cause or threaten material injury to the domestic producers of the same product.with the United States.
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