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Event 23 Aug. 2023
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Safeguard measures are measures introduced by a country that qualify as “emergency” actions under the WTO Agreement on Safeguards. These actions are intended to prevent or mitigate serious injury to the member state’s domestic industry. They can include tariffs, duties, or other trade barriers that reduce the flow of a good into an importing country’s borders.
A safeguard tariff is a type of safeguard measure designed to restrict the flow of a particular type of good into an importing country in cases where continued importation could seriously injury domestic industry. In order to qualify as trade safeguard measures, these tariffs are required to have sunset clauses (or time limits).
A safeguard duty is a type of safeguard measure designed to reduce the flow of a good into an importing country in situations where its continued importation could lead to serious injury to a domestic industry. Like safeguard tariffs, safeguard duties must typically contain sunset clauses, and are usually imposed by an importing country against all other nations (as opposed to one specific member country).
A legal safeguard is any safeguard measure that complies with the requirements set out in the WTO Agreement on Safeguards. Safeguard measures that violate these principles and rules, or fail to incorporate required components, are considered illegal and may lead to international trade disputes and a requirement that a member state pay compensation or face retaliatory measures.
The purpose of a safeguard measure is to prevent serious injury to a domestic injury that might be caused by the importation, or continued importation, of a particular good or category of goods. It is an emergency action under the WTO Agreement on Safeguards and is designed as a “failsafe” to prevent catastrophic damage to a local industry.
A safeguard duty is a type of customs duty imposed by emergency action under the WTO Agreement on Safeguards. It is designed to prevent harm and injury to a domestic industry that would face intense competitive pressure from the continued importation of a particular good.
In the international trade context, “safeguarding” something means to impose a safeguard measure to prevent the flow of goods into a nation’s borders in order to keep a domestic industry from suffering serious harm or injury. It is an emergency action designed to act as a last resort against economic loss caused by international trade.
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