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UBS faced scrutiny from a prominent U.S. lawmaker regarding Credit Suisse's alleged failure to report an American accused of evading taxes on $350 million in income. This inquiry highlights ongoing tensions in U.S.-Swiss relations. Additionally, the U.S. and China engaged in a dispute at the World Trade Organization (WTO) over industrial subsidies. China requested the establishment of a dispute panel to assess the tax credits provided under the U.S. Inflation Reduction Act, while the U.S. accused China of hypocrisy in its trade practices. This exchange reflects the broader context of trade tensions between the two nations.
Bloomberg: "The US and China sparred over industrial subsidies at the WTO on Friday, with Beijing asking to set up a dispute panel to review the Inflation Reduction Act’s tax credits and Washington responding by accusing China of hypocrisy." https://t.co/irQUlOXJhA
The US and China sparred over industrial subsidies at the WTO on Friday, with Beijing asking to set up a dispute panel to review the Inflation Reduction Act’s tax credits and Washington responding by accusing China of hypocrisy. https://t.co/e4ESMIWeJc
The US and China sparred over industrial subsidies at the WTO on Friday, with Beijing asking to set up a dispute panel to review the Inflation Reduction Act’s tax credits and Washington responding by accusing China of hypocrisy. https://t.co/DeWJAR45MZ via @bpolitics #Switzerland