US President Donald Trump said India and China are no longer "developing countries" and were "taking benefit" of the WTO tag and claiming he would no longer allow it to occur. Trump, championing his ' America First ' strategy, was a vocal critic of India for levying "huge" obligations on US products and defined the nation as a "tariff king."
Currently, the US and China are involved in a scarring trade war following trade tariffs imposed on Chinese products by Donald Trump and retaliated by Beijing. Earlier in July, Donald Trump asked the World Trade Organization to describe how it describes the status of developing nations, a move apparently directed at identifying nations such as China, Turkey and India that are receiving mild treatment under the laws of worldwide trade.
In a memorandum, Donald Trump enabled the U.S. Trade Representative (USTR) to take legal action if any developed countries take advantage of WTO loopholes inappropriately. Speaking at a meeting in Pennsylvania on Tuesday, President Trump said India and China, Asia's two financial pillars, are no longer developing countries and are therefore unable to take advantage of the WTO.
Trump said that they take advantage of the WTO's emerging country tag, however, disadvantaging the US. He also said that for years and years, India and China took benefit of us. The WTO, based in Geneva, is an intergovernmental organization that controls global trade among countries.