WASHINGTON(Sputnik) — The United States has filed a formal complaint with the World Trade Organization (WTO) against China for setting prices for certain crops above market levels, leading to unfair subsidies that violate WTO rules, US President Barack Obama said in a statement released by the White House on Tuesday.
"[T]hat’s exactly what we’re doing once again today by filing our latest complaint against China before the WTO," Obama stated. "China’s government has set prices for wheat, corn and rice well above market levels, which has led to unfair government subsidies that are in violation of WTO rules."
Obama noted that distorting prices leads to overproduction of the three crops in China, and puts US farmers who try to sell the same crops around the world at a disadvantage.
Obama said this is the 14th complaint the United States has filed against China since he took office in 2008.
The US president added that if the United States signed on to the Trans-Pacific Partnership (TPP) free trade agreement, it would expand export opportunity for farmers and businesses and set rules for holding our trading partners accountable.