One of President Trump's top economic advisers has suggested there could be a case for evicting China from the World Trade Organization (WTO). In a BBC interview, Kevin Hassett chairman of the president's Council of Economic Advisers said China had misbehaved as a member of the WTO. He also claimed that the US had been failed by the organization.
At this weekend's G20 meeting in Buenos Aires, finance ministers and central bankers will address the economic situations threatening a number of emerging markets -- including host nation Argentina, which recently secured a US$50 billion IMF loan to try to stabilize its economy, after the peso plunged 35% between April and June.
China's Ministry of Commerce announced it is pursuing legal remedy against the U.S. in a brief statement on its website — the latest in an escalating trade conflict between the world's two largest economies.
Brazil has secured World Trade Organization backing to press its claims against Canada in a dispute over what it says are unfair subsidies for Bombardier Inc.’s CSeries jets, a preliminary WTO ruling published this week showed.
Meeting for the first time in Latin America, the World Trade Organization’s 11th Ministerial Conference will take place in Buenos Aires from 10-13 December. Central to this year’s talks will be an international deal to curb harmful fishing subsidies. These are government payments or tax breaks that contribute to overcapacity, overfishing and illegal fishing (IUU) globally.
European Union (EU) Trade Commissioner Cecilia Malmström said Monday in Madrid that the EU bloc “hopes to announce a political agreement for this Christmas in Buenos Aires” with Mercosur “even though technical aspects remain to be discussed.”
“Until when will we allow ideology to prevail over economics, markets, competitiveness grounding the great vessel of Brazilian trade in the port of little regional pretensions”, asks Katia Abreu in a column published in Folha de Sao Paulo openly criticizing the administration of Dilma Rousseff for its Mercosur policy and the results of the recent Montevideo summit.
Brazil's Roberto Azevedo has won the race to become the next head of the World Trade Organization, the first candidate from Latinamerica and from the BRIC club of emerging economies to take the job.
WTO Director General Pascal Lamy warned that 2013 could turn out even weaker than expected, especially because of risks from the Euro crisis as countries might try to restrict trade further in a desperate attempt to shore up domestic growth.
The United States launched on Monday a new trade case against Chinese auto and auto-parts subsidies as President Barack Obama stumped for votes in Ohio, an auto manufacturing state that could be decisive in the November presidential election.