A logo is pictured outside the World Trade Organization (WTO) headquarters next to a red traffic light in Geneva, Switzerland, October 2, 2018. REUTERS/Denis Balibouse
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The global system of international trade is in crisis, the World Trade Organization warned Tuesday, as German car bosses gathered in Washington hoping to stave off potential tariffs on U.S. imports of luxury cars. Top officials from Daimler, BMW and Volkswagen have been summoned to the United States to meet White House economic adviser Larry Kudlow to discuss U.S. efforts to rebalance global trade.Volkswagen will reiterate it is looking to expand its U.S. manufacturing capacity to include electric cars.BMW and Mercedes, for example, build most of their sport utility vehicles in U.S. plants and import luxury limousines built in Germany to America.
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