Trade group backs U.S. on payments in China
7/17/2012WASHINGTON — The United States has won a trade dispute with China over that country's treatment of foreign companies that process credit-card payments and other electronic transactions.
U.S. officials said Monday that the ruling by the Geneva-based World Trade Organization could allow U.S. companies to enter China's $1 trillion electronic payments market. The WTO adjudicates trade disputes among its members.
Under WTO rules, China can appeal the decision. And even if it doesn't, China can take months to respond. If it doesn't comply with the decision, the United States can impose retaliatory tariffs against China's exports.