January 28, 2023

WTO: Trump’s new adversary in the global trade dispute > Highlights

WTO: Trump’s new adversary in the global trade dispute

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The US President warned WTO that USA will “do something” if the Organisation does not regarding EU tariffs. During his meeting with the Dutch Prime Minister, Trump accused WTO that treats USA unfairly.

The statement followed a report that Trump’s administration has drafted proposed legislation that will violate two basic WTO rules. This law will allow Trump to raise tariffs at his discretion and negotiate special tariff rates with specific countries.

Last week, a source told Reuters that the president has privately expressed a desire to quit the WTO. Later on Monday, White House spokeswoman said Trump was focused on fixing problems in global trade. She added that he has no intention to leave the organization – foundation of the post-war global trading system.

CHINA

China on Tuesday prompted the United States to be fair to Chinese companies doing business in the States. China’s foreign ministry spokesman made the respective comments at a regular briefing in Beijing after Washington moved to block China Mobile from offering services to the U.S. due to “security concerns”.

Οn the same wavelength, China’s embassy in Washington has issued a security advisory to Chinese nationals traveling to the USA.

Moreover, according to Reuters, China is putting pressure on the EU to issue a joint statement against the US President’s trade policies.

Chinese Markets stay on the ball as the deadline for tariffs imposition on Chinese exports by the United States approaches. China is expected to fight back US tariffs, especially those regarding the technology firms.

EUROPE

Trump announced that US officials will meet EU officials to work on a solution regarding the trade dispute.

“I think the E.U. — we’re going to be meeting with them fairly soon” Trump said.

Recently Trump decided to impose 10% and 25% tariff on imported steel and aluminum, respectively, from EU, Canada and Mexico. The response on the part of once US allies was instant. EU began charging import duties of 25% on a range of U.S. products including motorcycles like Harley’s.

Tit-for-tat policy seems endless. Τrump has threatened to impose a 20% tariff on all imports of EU-assembled cars.

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