WASHINGTON: President Donald Trump on Friday (Jul 26) threatened to withdraw recognition of the special 'developing country' status of relatively ...
WASHINGTON: President Donald Trump on Friday threatened to withdraw recognition of the special"developing country" status of relatively rich countries – including Singapore and China - at the World Trade Organization unless changes are made to the body's rules.
The statement notes that seven of the 10 wealthiest economies in the world claim developing country status. It is unclear how the measure would change US policy but it likely would open the door to even more retaliatory tariffs against China and other countries. And other governments, including the European Union, share concerns about China's status in the WTO, refusing to recognise China as a market economy by the end of 2016.
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