Trade War: the steel and aluminium markets and the trade governance

The international institutionalism has been under debate. The World Trade Organization (WTO) has not been immune to strong criticisms that have been exacerbated in recent years. A turning point in this process was the trade war between the United States and China that began in 2018. It was characterized by tariff increases that persist. The contribution of this work is to show how these measures taken by relevant global players (such as the United States and China) have significantly affected the international markets and it impacted third countries, not only in terms of trade flows but also when considering the international trade regulatory framework. The drop in the demand from the United States implied a fall in global demand that caused a fall in international prices. Moreover, it is shown that Trump's measures were successful given that China was substituted by other suppliers. Finally, his protectionist strategy against China was accompanied by a broader strategy against the World Trade Organization by blocking not only the negotiations during the Buenos Aires Ministerial Conference but also the Dispute Settlement System.