The United States President Donald Trump has said that China and India are no longer “developing nations” and were “taking advantage” of the tag from the World Trade Organisations, asserted that he wouldn’t let it happen anymore.
Donald Trump has promoted his “American First” Policy, has been a vocal critic of India for imposing “tremendously high” duties on the US-based products and termed the nation as a “tariff king”.
The United States and China are recently engaged in lessen trade war after President Trump has imposed punitive tariffs on Chinese products, after which Beijing replied.
Earlier in July, the US President has asked the WTO to define how it designates developing-nation status, a move eventually targeted at singling out nations like Turkey, China, and India that are seeking lenient treatment under the global trade rules.
In a memorandum, President Trump has empowered the United States Trade Representative to commence taking penal actions, if any advanced economies are illegally seeking benefits of the WTO loopholes.
While addressing a gathering at Pennsylvania, Donald Trump has said that China and India – two economic giants from Asia – are no longer developing countries and they cannot seek the benefit from the WTO.
However, they are seeking the advantage of a developing country tag from the WTO, puts the United States to disadvantage, said President Trump.
“They (India and China) were taking advantage of us for years and years,” added the US President.
The Geneva-based WTO is an intergovernmental organisation, which regulates international trade between countries.
Under the global trade rules, developing nations has claimed permission to longer timeframe for the enforcement of safeguards, softer tariff cuts, generous transition periods, procedural advantages for WTO disputes, and the ability to assist themselves of certain export subsidies.
President Trump has further expressed hope that the WTO will “fairly” treat the United States.
He continued that the WTO views certain nations like India and China are “they’re growing”. “Well, they’ve grown,” said President Trump and warned that the United States will not let such nations to seek advantage of the WTO.
“We’re not letting that happen anymore…Everybody is growing but us,” added Donald Trump.