Posted on 07/26/2019 7:49:32 PM PDT by Farcesensitive
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.
The global trade body uses "an outdated dichotomy between developed and developing countries that has allowed some WTO members to gain unfair advantages," Trump said in a statement.
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.
While the statement points to multiple countries that benefit from the designation, it focuses mostly on China.
"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.
The statement notes that seven of the 10 wealthiest economies in the world claim developing country status, as do Mexico, South Korea, and Turkey, which are members of the Group of 20 leading economies.
(Excerpt) Read more at news.yahoo.com ...
BEST PREZ IN HISTORY..!
NTOWY.
L
If I was a lefty I’d hate this President too. He’s taking all their “special”, and cramming it up their....”where the Sun don’t shine”.
Why is Bernie Sanders in that pic?
I totally agree. I was with him from the very first. He is so great.
Good move President Trump. Certainly China should not be treated as a developing nation.
Also, look into revoking China’s Most Favored Nation status. I couldn’t believe we gave that to them, about 15 years ago. They’re a known persecutor of religions, which disqualifies them.
Bernie’s in there cuz he has been SUBJUGATED.
He is made to serve his MASTER.
So....much......winning.
I hope that’s on Trump’s agenda, I think he is trying to get us to taper off of ChiCom imports instead of going cold-turkey.
I hope he also gets tough with all the other trade cheats too and he seems to be.
Just do it. 👍
As Joe would say...”this is a big F’n deal”. Has the potential to put America first instead of China becoming the world’s leader. MAGA
“seven of the 10 wealthiest economies in the world claim developing country status”
It falls to President Trump once again, to point out that the Emperor has no clothes.
What the hell were other politicians doing all these years? Hypnotized?
“Why is Bernie Sanders in that pic?”
You could see the horses as$$?
90 days will also be around when our year is up (Oct), to withdraw from the International Postal Union.
That organization, under a more than century old treaty, gets China is crazy cheap postal rates - the US Postal Service loses money (subsidizes) delivering Chinese packages for them in the USA.
That is coming to an end in about 90 days as well.
Padding their wallets.
Including Republicans.
Taking bribes most likely.
If only Buchanan had beaten Shrub Sr. we would be living in a much better world.
“Developing Nation”, yah, right.
Developing, but already has Nuclear power, Nuclear ICBM missiles, and a space program, just to start with.
So what do they have to “Develop” next to no longer be “Developing”????????
In my book no one can have nukes and still be a “Developing” nation!!!!!
Past time to end the favoritism for a country so developed they have now “Developed” the means and desire to seize control of the entire South China Sea!
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