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About: http://data.cimple.eu/news-article/4ac09a1f4e41c966295c5e8a84d7d3f89245b181c514b37892a669e5 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Washington, Tokyo and Brussels on Tuesday joined forces in calling for stronger global rules against government subsidies that distort trade, a practice China has long been accused of exploiting. The governments called on the World Trade Organization to beef up existing regulations, which they said in a statement are "insufficient to tackle market and trade distorting subsidization." But they refrained from naming China directly. US Trade Representative Robert Lighthizer met Tuesday with Japan's Economy, Trade and Industry Minister Kajiyama Hiroshi, and European Trade Commissioner Phil Hogan, and also discussed the need to prevent forced technology transfers -- an issue at the heart of the US-China trade conflict. "These unfair practices are inconsistent with an international trading system based on market principles" and undermine "growth and development," the statement said. The latest statement came after many months of trilateral meetings, a rare display of multilateral cooperation by the administration of President Donald Trump, who has launched multi-front trade wars and crippled the WTO's dispute settlement function. The three sides called on the WTO to add to its list of prohibited government subsidies for companies by banning support that is unlimited, is given to an insolvent or ailing enterprise with no "credible restructuring plan," to companies that cannot on their own get long-term financing or investment, or for debt forgiveness. They also called for a ban on subsidies for industries that are over capacity. This is another issue behind long-standing complaints against China in industries like steel and aluminum, where the markets have been flooded with supply, driving down prices and pushing some firms out of business. And the officials want to make it easier for WTO members to file complaints against other harmful subsidies, including those to support uncompetitive firms. Such subsidies can create massive manufacturing capacity "without private commercial participation" or lower domestic input prices in comparison to the prices of the same goods when they are export bound, the statement said. hs/dg
schema:headline	US, Japan, EU seek new global rules limiting subsidies
schema:mentions	Debt relief Iron and steel industry in the United States Aluminium Brussels World Trade Organization Beef Presidency of Donald Trump George Washington European Union China President of the United States Phil Hogan Robert Lighthizer Office of the United States Trade Representative Economy of Japan Tokyo Stock Exchange
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-01-14 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	92 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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