There is no more popular piece of jargon in the Brexit debate than “World Trade Organisation rules”. Some cite them with approval, as a desirable destination for the UK upon leaving the European Union. Others portray them as a disastrous outcome that we should avoid at all cost. But what’s the truth about the WTO and its framework? And what precisely does it entail for the UK? What is the World Trade Organisation? It is a multilateral organisation with 164 members – almost every state in the world and certainly all the major economies. Its central purpose is to permit goods to flow across borders with relative ease. The key element of its agreements is that every member shall treat every other member equally in terms of tariff charges, meaning there shall be no arbitrary discrimination. So if country X, say, offers a lower tariff on a certain imported product to country Y it also has to automatically offer that lower tariff to every other country too. This is … [Read more...] about What are World Trade Organisation rules and what exactly do they mean?
World trade organisation rules
Sputnik: What do you make on the latest on Brexit that a deal could be close? Janice Atkinson: The deal has always been closed for the past two months. Our remain Prime Minister is just playing us, it's just fear and staged managed delay, so she can announce in next 24 hours, I've managed to secure a deal. She's an embarrassment and made our country look embarrassed as well because she looks weak and nobody is buying the fact that she says this deal is on the table. We know they want a deal with us; Donald Tusk has already laid out a super-Canada trust deal, and why we haven't signed up to that I have no idea, the cabinet has no idea and the country has no idea. She's just selling us down the road as she remains Prime Minister. Sputnik: How worried are you that any potential deal could keep Britain aligned with the EU? Janice Atkinson: It's looking like it will be run by Brussels until at least 2022 … [Read more...] about MEP on Brexit Deal: ‘We Go to World Trade Organisation’s Rules’
PRESIDENT Donald Trump has threatened to pull the United States out of the World Trade Organisation as it treats the the US unfairly, he claims. The Republican president slapped tariffs valued at $200billion ($152bn) on Chinese goods which will start on September 24. Will Donald trump pull the US out of the World Trade Organisation? President Donald Trump has threatened to withdraw the US from the World Trade Organization (WTO), claiming it treats the US unfairly. In an interview with Bloomberg News, Trump said: "If they don’t shape up, I would withdraw from the WTO." It provides a framework for negotiating trade agreements and has a dispute resolution process aimed at enforcing participants' adherence to WTO agreements. Trump said the agreement establishing the body "was the single worst trade deal ever made" and last month claimed the US has been treated "very badly" by the WTO for many years and that the Geneva-based body needs to “change their ways." Trump says the body … [Read more...] about Will Donald Trump pull the US out of the World Trade Organisation and what tariffs have been imposed on China?
President Donald Trump has threatened to quit the World Trade Organisation if it does not “shape up” and treat America better. The president’s warning comes as he ramps up a tit-for-tat trade war with China with a third round of tariffs on £154 billion of Chinese goods set to be enforced as early as next week. “If they don’t shape up, I would withdraw from the WTO,” he said today in an Oval Office interview. The president risks throwing international trade into further chaos by escalating his rhetoric against the economic body. He has long been critical of the WTO, which was formed in 1994 to provide a framework for global trade and help resolve disputes. He told Bloomberg News the agreement to establish the WTO was “the single worst trade deal ever made”. He claims the open trade system overseen by the body is at odds with his protectionist policies and insisted the United States has been treated “very badly” over the … [Read more...] about Trump threatens to pull America out of World Trade Organisation
A NO-DEAL Brexit would NOT be the end of the world and Britain would continue trading no matter what happens, the head of the World Trade Organisation has said. Director General Roberto Azevedo said Britain could slash its tariffs to attract more investment from around the globe if it wanted to in the case that we didn't secure a deal with the bloc when we leave. If Britain doesn't get a deal signed, it will fall back on WTO rules, on which most world trade is done. He told Radio 4 today that Brexit with no-deal would "not be the end of the world" - but admitted it would "not be a walk in the park either". Although he admitted that there could be some "barriers" on day one, trade would not stop next March, he vowed. Some sectors would be more affected by tariffs than others, but if we left on WTO terms we would lower our rates to countries around the world to attract more business. The director general of the WTO made the welcome intervention as the Brexit Secretary released more … [Read more...] about Head of World Trade Organisation admits no-deal Brexit won’t be ‘the end of the world’ – and trade WILL continue no matter what