The European Aluminium Market amidst the Perfect Storm: Faltering WTO and Escalating Trade War

摘要

In early April the WTO published its decision on a Russian-Ukrainian dispute over the legitimacy of Russian restrictions on exports originating in Ukraine based on the claim of national security concerns. The tone of the judgement was professional and strictly matter of fact. But the subtext hidden behind the announcement is one of defiance against the Trump administration's endeavours to undermine multilateral global economic governance mechanisms and communicates a strong determination to reassert the WTO's authority over global trade matters. The WTO stated clearly that (i) itN has the authority to determine and rule whether a specific situation warrants trade restrictions on the grounds of national security concerns; and (ii) it outlined what situations and developments may constitute such legitimate national security concerns.