Ross says WTO rules prevent 'reciprocal' trade with EU, China

Commerce Secretary Wilbur Ross on May 14 lamented that the World Trade Organization's' most-favored nation principle and bound-tariff rates prevent the U.S. from reciprocal trade with its partners, including China and the European Union. "The combination of MFN and bound-tariff rates prevent us from having reciprocal tariffs because in most cases our bound-rate ceiling is at or near our very low MFN-applied rates while other nations have higher levels of both," Ross said in a speech at the National Press...