On Tuesday, the World Trade Organization ruled in Mexico's favor, allowing it to impose trade sanctions worth $163 million a year against the U.S. The WTO says that's how much money Mexico has lost from the U.S. unfairly penalizing Mexican tuna. U.S. officials criticized the ruling.
"We are disappointed in the WTO Arbitrator's decision regarding U.S. dolphin-safe labeling standards," a spokesperson for the U.S. Trade Representative, a wing of the executive branch, said in a statement.
The Trump administration argues that the WTO ruling didn't take into account updated US laws on "dolphin safe" tuna, and that it overstated the actual financial loss to Mexican tuna producers, who the USTR accused of intentionally chasing and netting dolphins.
The timing, however coincidental, is sensitive. President Trump wants to renegotiate NAFTA, the free trade agreement between the U.S., Mexico and Canada.
Trump's administration took its first steps to crack down on trade with Canada on Monday night when the Commerce Department announced a 20% tariff against Canadian softwood lumber. A war of words between Canadian and American leaders has followed.
Trump's decision to go after Canada first with tariffs was particularly surprising given his harsh criticism of Mexico on the campaign trail. Now Trump has upset Canada and suffered a trade defeat from Mexico.
For the complete article please visit
CNN Money
ABOUT
Dynamic Wealth Research was founded on the principle the world is changing at an ever-increasing pace. The greatest profit opportunities an investor will ever find are from massive, sweeping changes. Dynamic Wealth Research analyzes and closely follows these changes, keeps its readers on the leading edge of them, and shows you how to be best positioned these anxious, interesting, and ultimately profitable times.
