News Snapshot:
A long-running dispute between the United States and China over Beijing’s import controls on rice, wheat and corn has been reignited at the World Trade Organization (WTO), adding to trade tensions between the world’s two largest economies. The US delegation to the WTO in a brief note on Friday criticised China’s continued use of a tariff-rate quota (TRQ) system for the three crops, saying it failed to comply with a WTO ruling in Washington’s favour two years ago . If unaddressed, the US warned it would take “countermeasures”, such as suspending most-favoured-nation status on some Chinese products, which would mean...
