Oct 16, 2025 11:01

The World Trade Organization (WTO) panel, in its DS616 ruling announced on October 2, 2025, found the European Union (EU) to be in violation of key provisions concerning its anti-subsidy duties on Indonesian cold-rolled stainless steel. On the surface, this represents a significant triumph for Indonesia in a traditional trade dispute. However, we view the win as a "Pyrrhic Victory": the ruling’s benefits are immediately nullified by procedural obstacles, and the entire episode is overshadowed by the imminent structural shock of the Carbon Border Adjustment Mechanism (CBAM). This is not the end of a trade era, but the dawn of a far more challenging one.