Never miss a story

Get subscribed to our newsletter


×
FILE - President Donald Trump departs after speaking with reporters on the South Lawn of the White House July 17, 2019, in Washington. VOA

U.S. President Donald Trump is pressing the World Trade Organization to stop designating China and other countries as “developing” nation, a label that allows them to receive lenient treatment under global trade rules.

In a memo Friday, Trump directed U.S. Trade Representative Robert Lighthizer to “use all available means” to get the WTO to stop describing countries as “developing” if their economies are strong.


He said the WTO uses “an outdated dichotomy between developed and developing countries that has allowed some WTO members to gain unfair advantages.” Trump said that if the United States decides the WTO has not made “substantial progress” after 90 days, it will unilaterally stop treating those nations as developing countries.


WTO uses “an outdated dichotomy between developed and developing countries that has allowed some WTO members to gain unfair advantages”, says Trump. Wikimedia Commons

The statement notes that seven of the 10 wealthiest economies in the world, including China, claim developing country status with the WTO. The status allows governments the ability to protect some domestic industries and maintain subsidies, as well as to receive longer time limits to implement trade commitments.

In a tweet Friday, Trump 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!”

Retaliation against France

In another trade development Friday, Trump vowed to retaliate against France for imposing a tax against U.S. tech giants, hinting that the United States could adopt tariffs on French wine.

“France just put a digital tax on our great American technology companies,” Trump tweeted, referring to France’s announcement that it would tax tech giants, including Google, Amazon, Facebook and Apple.


Trump 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!!! Pixabay

“If anybody taxes them, it should be their home Country, the USA. We will announce a substantial reciprocal action on Macron’s foolishness shortly,” Trump tweeted, referring to French President Emmanuel Macron.

ALSO READ: Tanzania to Construct Hydroelectric Power Plant Despite Criticism from Environmentalists

“I’ve always said American wine is better than French wine!” he added. The French tax targets companies that use consumer data to sell online advertising. Britain has announced plans for a similar tax.

Deputy White House spokesman Judd Deere said Friday that Washington was “extremely disappointed by France’s decision to adopt a digital services tax at the expense of U.S. companies and workers”. (VOA)


Popular

Kishu Inu and Dogelon Mars are some of the more popular canine coins in recent months. Their popularity is demonstrated by the vast amount of trading volume that these cryptocurrencies receive.

At the time of writing, Kishu Inu has a trading volume exceeding $10 million and Dogelon Mars has an even larger trading volume that surpasses $30 million.

Keep Reading Show less

HUH Token

It’s here, and it appears that there ain’t nothin’ or no one stopping the skyrocketing force of HUH Token and the release of the long-awaited White Paper is finally here and we’re living for it.

It’s also great to note that Shiba Inu made a triumphant crypto market return this week and the reign of the dog continues though with HUH Token’s White Paper release it could see the ‘Utimeme’ token break out of the atmosphere on its December 6th launch and surpass Shiba Inu for altcoin supremacy.

Keep Reading Show less

HUH Token

HUH Token has been on the lips of crypto lovers for some time now and the much-anticipated White Paper release is here, right now, today!

Not only this but Shiba Inu’s mastery of the altcoin world could be coming to an end on HUH Token’s December 6th release if the aims, goals and technology in the White Paper are anything to go by.

Keep reading... Show less