Obama Admin Wins Trade Complaint Against China At WTO

[ProSense]

Obama Admin Wins Trade Complaint Against China At WTO

by TomP

Good timing for the speech today in Ohio.

GENEVA/WASHINGTON (Reuters) - Washington won a major victory in an election-year dispute against China on Monday when a WTO ruling found China had discriminated against U.S. bank card suppliers in favor of a state-owned enterprise that enjoys an illegal monopoly.

The decision by a World Trade Organization dispute panel said Beijing was breaking WTO rules by requiring all yuan-denominated payment cards issued in China to work with the network belonging to China UnionPay (CUP), as well as requiring every merchant and ATM to accept CUP's cards.

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White House spokesman Jay Carney called the ruling a "win" that showed "our determination to go after China's efforts to distort global trade rules".

"That is precisely why 3.5 years into the president's first term we have doubled the rate of WTO cases against China, versus the prior administration," he told reporters aboard Air Force One.

cnbc

This means a few more jobs:

US Trade Representative (USTR) Ron Kirk said the victory in the World Trade Organization dispute would allow US companies to compete on a level playing field with China's own company, China Union Pay, which has dominated the EPS market.

"The WTO panel agrees that China's pervasive and discriminatory measures deny a level playing field to American service providers, which are world leaders in this sector," Kirk said.

"This decision will help US companies and increase American jobs as a more efficient credit and debit payment system in China enables consumers to buy more goods, including quality, made-in-America products," he said.

According to industry estimates, the United States will gain 6,000 jobs related to electronic payment services, the Obama administration said.

- more -

http://www.dailykos.com/story/2012/07/16/1110564/-Obama-Admin-Wins-Trade-Complaint-Against-China-At-WTO

[ProSense]

1. Kick! n/t