Tuesday, 17 July, 2018

40 countries object at WTO to US car tariff plan

Trump admin drafted bill breaking commitment to WTO report President Trump's administration has reportedly drafted a bill abandoning key World Trade Organization rules
Laurie Berry | 05 July, 2018, 15:05

Commerce Secretary Wilbur Ross also said that it was "a little premature" to be looking at the U.S. exit from the WTO, in an interview with CNBC.

Russian Federation has started fighting back at the World Trade Organization against steel and aluminium tariffs imposed by the United States, a document circulated to WTO members today showed.

Trump publically criticized the WTO during his election campaign in 2016, describing the organization as a "disaster".

The President reportedly said over the weekend: "I'm not talking about pulling out" of the WTO, a claim reiterated by several administration officials - though he warned this week that "if they don't treat us properly, we will be doing something".

Trump is again denying plans to withdraw the USA from the WTO but tells reporters in the Oval Office that the trade organisation needs to change its ways. He says he's not "planning anything now" but if the WTO doesn't treat the United States properly, "we will be doing something".

Axios reported on Friday that Trump wanted to leave the WTO, a story dismissed by U.S. Treasury Secretary Steve Mnuchin as "wrong" and "an exaggeration".

Reliance launches Monsoon Hungama offer, to give JioPhone at Rs 501
RIL announced the launch of Ji GigaFiber - the company's FTTH home broadband service - alongside the JioPhone 2 announcement. In addition to Jio Giga Fiber , Reliance Jio also introduced a new smart home platform.

Japan, which along with Russian Federation had initiated the discussion at the WTO Council on Trade in Goods, warned that such measures could trigger a spiral of counter-measures and result in the collapse of the rules-based multilateral trading system, an official who attended the meeting said.

"The WTO is designed by the rest of the world to screw the United States", Axios's source quoted Trump as saying.

"WTO knows some reforms are needed. We don't need to get out of the WTO, we need to throw China out, then the thing will work for us", he told FOX Business' Charles Payne on "Varney & Co".

Additionally, the Trump Administration would be able to ignore the WTO's two most basic principles, specifically related to tariff rates, and sit down with any country for talks on a one-on-one basis, Sputnik reported. He pulled out of negotiations for the Trans-Pacific Partnership shortly after taking office a year ago and began renegotiating the North American Free Trade Agreement with neighbors Canada and Mexico.

The United States has imposed tariffs on European steel and aluminium imports and is conducting another national security study that could lead to tariffs on imports of cars and vehicle parts.

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