U.S., China spar at WTO over ‘market-oriented conditions’

The U.S. on Thursday argued at the World Trade Organization that members joined the organization with the “shared understanding” that market principles would dictate their economies while China dismissed the need for a definition of market economy as an “academic endeavor” outside of the WTO mandate. The U.S. and Brazil released a joint statement earlier this week that outlined what the two countries considered to be “market-oriented conditions.” The U.S. has previously proposed a draft General Council decision that mirrored...