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Tag: trade

Trump threatens to pull US out of World Trade Organization

Trump threatens to pull US out of World Trade Organization

World
President Donald Trump has threatened to withdraw the US from the World Trade Organization (WTO), claiming it treats his country unfairly."If they don't shape up, I would withdraw from the WTO," Mr Trump said in an interview with Bloomberg News. The WTO was established to provide rules for global trade and resolve disputes between countries.Mr Trump says the body too often rules against the US, although he concedes it has won some recent judgments.He claimed on Fox News earlier this year that the WTO was set up "to benefit everybody but us", adding: "We lose the lawsuits, almost all of the lawsuits in the WTO."However, some analysis shows the US wins about 90% when it is the complainant and loses about the same percentage when it...
Trump announces 'incredible' trade deal with Mexico

Trump announces 'incredible' trade deal with Mexico

Business
Media playback is unsupported on your device The US and Mexico have reached common ground on key trade terms as pressure mounts to complete renegotiation of the North American Free Trade Agreement.US President Donald Trump, a frequent critic of the existing deal, announced the apparent breakthrough on Monday.The final outcome remained in doubt as Canada, the third country in the treaty, has not signed off.The development follows about a year of talks triggered by Mr Trump, who had threatened to pull out of the pact.He demanded renegotiation of the 1994 trade agreement, which he blames for a decline in US manufacturing jobs, especially in the auto industry.In a televised appearance at the White House, Mr Trump said the US and Mexico had agreed ...
US-China trade war: New tariffs come into force

US-China trade war: New tariffs come into force

Business
US President Donald Trump's trade war against China has moved up a gear as it brings in a 25% tax on a second wave of goods worth $ 16bn (£12.4bn).The move ratchets up the dispute which began in July. The US imports far more goods from China than it exports to it. There are fears that more tariffs could cause further damage to companies and consumers. Goods affected this time include motorcycles and aerials. China immediately imposed retaliatory taxes on the same value of US products.Why did this start?President Trump has been sounding off about unfair trade since even before he became president. During the 2016 election campaign, he said China engaged in the "rape" of the American economy.He ordered an investigation into Chinese trade policies in A...
Germany's huge trade surpluses are a burden on its EU partners

Germany's huge trade surpluses are a burden on its EU partners

Finance
While few European states can pretend to share Germany's distinction of being a "country of poets and thinkers," none can rival German abilities to extract so much wealth from the rest of the European Union. Last year, Germany posted a 159.3 billion euro surplus on its goods trade with other countries in the EU — one of the world's largest free-trade areas and a region with privileged access to German goods and services. That's the way it's been since 1958, when Europe's common market opened up. Germany's enormous EU bounty consistently accounts...
Trump: US and EU agree to work towards lower trade barriers

Trump: US and EU agree to work towards lower trade barriers

World
The US has agreed to work towards lowering trade barriers with the European Union, Donald Trump said on Wednesday after a meeting with European Commission chief Jean-Claude Juncker.The two would work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods, he said.They also agreed to increase trade in services and agriculture, including greater US soy bean exports to the EU.The agreements come amid heightened tensions between the US and EU.The two leaders diffused what had threatened to become a trade war between the two blocs, fuelled by tariffs set by Mr Trump on European steel and aluminium exports, and threats to expand the tariffs to cars.The relationship between the US and Europe had been further fr...