U.S. President Donald Trump called on the World Trade Organization to redefine its criteria of developing economies,... saying that some countries are receiving unfair, preferential treatment.
On Friday, Trump instructed U.S. trade representative Robert Lighthizer to take action... ensuring that certain wealthy economies categorized as developing countries... do not receive special treatment from the WTO.
The move is seen to be aimed at China, which is currently locked in a trade war with the U.S., but Trump also specifically pointed out South Korea.
Trump says... that 7 out of the 10 wealthiest countries in the world are classified as developing countries.
Trump requested Lighthizer to brief him within 60 days,... and that if progress isn't seen in 90 days,... he would stop treating these countries as developing economies, and also would not endorse their membership in the OECD.
