The World Trade Organization today sided with the U.S. in its complaint that China has not lived up to pledges it made nearly twenty years ago to buy billions of dollars of wheat, rice and corn through tariff rate quotas.
After more than 20 years of consternation, negotiation, conciliation and disappointment, the U.S. and European Union are now set to begin another round of talks on allowing the EU’s 28 nations to buy more U.S. beef.
A crisis is looming for the World Trade Organization’s dispute resolution system as the Trump administration presses the international body to reform its ways and the U.S. ag sector could be a casualty in the coming showdown.
Brazil, known and often reviled in the U.S. ag sector for its successful World Trade Organization challenge to U.S. cotton support programs, is now suspected breaking WTO rules by subsidizing its rice exports.
In the latest salvo of trade actions between the U.S. and Chinese governments, the Chinese Ministry of Commerce (MOC) announced plans today to impose a 25 percent tariff on $50 billion of U.S. goods, including soybeans, aircraft and automobiles, according to the Chinese News Agency, Xinhua.