President Donald Trump on Friday threatened to withdraw recognition of the special 'developing nation' status of China and other relatively rich ...
WASHINGTON: President Donald Trump on Friday threatened to withdraw recognition of the special"developing nation" status of China and other relatively rich countries at the World Trade Organization unless changes are made to the body's rules.
Without"substantial progress" to reform WTO rules within 90 days, Washington will no longer treat as a developing country any WTO member"improperly declaring itself a developing country and inappropriately seeking the benefit of flexibilities in WTO rules and negotiations," the statement said. "The WTO is BROKEN when the world's RICHEST countries claim to be developing countries to avoid WTO rules and get special treatment. NO more!!! Today I directed the U.S. Trade Representative to take action so that countries stop CHEATING the system at the expense of the USA!," Trump said on Twitter.
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."When the wealthiest economies claim developing country status, they harm not only other developed economies but also economies that truly require special and differential treatment," the statement said, and that"cannot continue to go unchecked.
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