Five WTO nations allege India provides excessive market support to wheat, rice
Monday, 11 November 2024 Five WTO members have accused India of exceeding market support for wheat and rice, potentially distorting global trade. They claim India's support for rice production has surpassed 87% of its value, exceeding the agreed-upon limits. India defends its actions, stating its commitment to domestic support requirements and the need to address food security concerns.
Asian markets surged after the U.S. and China held "substantial" trade talks in Geneva, offering hope for a resolution to the tariff war that has shaken global markets. With earlier tariffs reaching as high as 145% on Chinese goods and 125% in retaliation, fears of a recession had loomed large. But both sides called the discussions constructive, raising expectations for a deal. The WTO praised the talks as a "significant step forward," while U.S. futures, oil, and the dollar all climbed on optimism of easing tensions.
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