President Donald Trump has hailed a ruling by the World Trade Organization (WTO)...
BRUSSELS - President Donald Trump has hailed a ruling by the World Trade Organization that gives the United States the right to hit Europe with tariffs, but his new-found satisfaction with the WTO’s rules-based approach is expected to prove short-lived.
Over 60% of analysts polled by Reuters see a deterioration of U.S-China trade ties - not least because the poll also showed a broad view that the yuan will slip to a new decade low against the U.S. dollar by year-end, fuelling U.S. accusations that China is manipulating its currency. For long the champion of world trade, the United States is threatening the very dispute settlement system that on Wednesday rewarded it with the right to levy tariffs on $7.5 billion of EU products over illegal subsidies to Airbus .
“This is awkward for Europe,” said one non-EU diplomat. “The United States are supposed to be the bad guys.” At the same time as the two battle over aircraft subsidies, they and Japan are in talks about revising global rules on subsidies as a whole, hoping to find a formula to curtail Chinese backing of its state-controlled companies. Two years of talks have so far not yielded results.
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