Trump team vows to push for a “broad reset” at the World Trade Organization

On Wednesday, the Trump administration said that it would push for a broad reset of  outdated tariff determinations  at the World Trade Organization (WTO) to arrange what it sees as years of unfair treatment of the United States.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.

https://dowmarkets.com/en/news/trump-team-vows-to-push-for-a-broad-reset-at-the-world-trade-organization