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On Wednesday, the Trump administration said that it would push for a broad reset of “outdated tariff determinations” at the World Trade Organization (WTO) to arrange what it sees as years of unfair treatment of the United States.
According to the U.S. Trade Representative Robert E. Lighthizer, the Geneva-based body was “a mess” and tariff modifications set by the World Trade Organization were necessary to reflect the current economic status of the country.
“Many countries with large and developed economies maintain very high bound tariff rates, far above those levied by the United States. The disproportionately high volume of these shipments indicates China and others are likely exploiting the high U.S. de minimis threshold to avoid paying duties,” Lighthizer said in a hearing held by the U.S. House of Representatives Ways and Means Committee.
He also said that Washington would seek massive support for its plans and ideas about notification enforcement and “special and differential treatment” for other developing countries.
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
On Friday, Axios Media Inc. reported a document acquired by tech watchdog group Tech Transparency Project which indicates that multiple U.S. states were investigating Apple (AAPL) due to deceptive trade practices. According to the report, ...
China saw positive customs data on Tuesday, raising hopes that the world’s second-largest economy is on the way to recovering from the COVID-19 pandemic. Exports for June rose 0.5% year-on-year compared to an analysts’ forecast ...
On Monday, world shares edged towards a five-month high and the U.S. dollar decreased in late trading as investors anticipated that the earnings season would see most companies beat revenue forecasts in light of the lifted coronavirus restrictions. The ...
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