Dink has left the building
I crack me up.
Grats!!
Do you see what I see?
US files WTO lawsuit against Russia over import taxes on American goods
Washington has filed a complaint with the World Trade Organization (WTO) against tariffs imposed by Moscow on some US imports, the trade body confirmed on Wednesday.
According to Russia’s economy ministry, Washington has misinterpreted the measures taken by Moscow, explaining that Russia complies with the WTO regulations.
“The United States misinterprets the nature of the measures taken by the Russian side. We are acting within the framework of the WTO Agreement on Safeguards, which allows compensating for damage from special protective measures taken by another country,” the ministry said.
In July, Russia raised tariffs from 25 to 40 percent on a number of US products in response to Washington’s levies on Russian steel and aluminum. Moscow appealed to the WTO to resolve the metal tariffs dispute.
Russia's retaliatory measures, targeting $87.6 million worth of US goods, covers just a minimal part of Russia’s estimated losses of $450 million due to US metal tariffs. They include certain types of road construction machinery, oil and gas equipment, metalworking and rock drilling tools as well as optical fiber.
Moscow will reportedly impose further tariffs on $450 million worth of US imports if the WTO rules the US tariffs are illegal. Under the current rules, the $87.6 million in tariffs is the maximum amount a country can levy without the WTO decision.
Earlier this year, the White House slapped a number of trading partners with tariffs of 25 percent on imported steel and 10 percent on imported aluminum. They include Russia, China, India, the European Union, Canada, Mexico, South Africa, Turkey and South Korea. Washington explained the move was due to national security concerns. However, several countries affected by the levies have launched WTO complaints, accusing the US of protectionism.
Apart from the trade dispute, Moscow and Washington are involved in the worst diplomatic crisis since the Cold War. Over recent years, the US has imposed several rounds of sanctions against Russia over a number of accusations. They include involvement in the conflict in eastern Ukraine, reunification with Crimea, alleged US election meddling, a purported violation of sanctions against North Korea and alleged nefarious activity in cyberspace.
Moreover, the US State Department has recently banned the issuing of loans to Moscow, and US exports of weapons and dual-use products to Russia. The measure reportedly came amid Russia’s alleged involvement in the poisoning of former double-agent Sergei Skripal in the UK back in March.
https://www.rt.com/business/437147-us-files-wto-lawsuit-russia/
Europe working on payment system alternative to SWIFT & IMF to attain financial independence from US
German Foreign Minister Heiko Maas says Europe has started work on creating a system for money transfers that will be autonomous from the currently prevailing Society for Worldwide Interbank Financial Telecommunication (SWIFT).
“That won’t be easy, but we have already started to do that,” Maas said at the annual Ambassadors Conference in Berlin on Monday, as quoted by RIA Novosti. “We are studying proposals for payment channels and systems, more independent from SWIFT, and for creating European monetary fund.”
Maas also announced plans to reveal a new foreign policy strategy towards the US.
t’s high time to recalibrate the Transatlantic Partnership – rationally, critically, and even self-critically,” the FM said as cited by the agency.
Last week, Maas called for European autonomy to be strengthened by creating payment channels that are independent of the United States, establishing a ‘European Monetary Fund’.
The intention to create its own system is reportedly connected to Washington’s recent withdrawal from the Iran nuclear deal, and the re-imposition economic sanctions against the Islamic Republic. As Brussels stays committed to the pact signed in 2015 between Tehran and the world powers, the EU had to enforce the ‘Blocking Statute’ in order to safeguard European businesses operating in Iran from US sanctions against the country. However, the measure failed to keep European majors like Total, Maersk, Mercedes in Iran, as they cannot function independently of the US-dominated international banking system and international financial markets.
SWIFT, which is short for the Society for Worldwide Interbank Financial Telecommunication, is the financial network that provides high-value cross-border transfers for members across the world. It is based in Belgium, but its board includes executives from US banks with US federal law allowing the administration to act against banks and regulators across the globe. It supports most interbank messages, connecting over 11,000 financial institutions in more than 200 countries and territories.
In May, the Russian Central Bank’s governor, Elvira Nabiullina, said that the country had created a national system for money transfers that could protect its banking from a potential cut off from SWIFT transfer services. The step was triggered by the seemingly endless anti-Russia penalties introduced by Washington since 2014 for various reasons, including the reunification with Crimea, alleged involvement in the military conflict in eastern Ukraine, alleged US election meddling, and the alleged poisoning of former double-agent Sergei Skripal in the UK.
https://www.rt.com/business/436921-germany-swift-us-relations-sanctions/