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#23 Trump ditches 144-year-old postal pact that boosts Chinese retailers

Video by CNBC

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President Trump moved Wednesday to withdraw from a 144-year-old international postal agreement that enables businesses in China to mail small packages to the United States at a hefty discount, an arrangement government officials said boosts foreign competitors and costs the U.S. Postal Service roughly $170 million per year.

Trump’s notice to exit from the Universal Postal Union (UPU) treaty comes as the White House cranks up the pressure on Beijing to drop what it calls predatory commercial practices, including swiping trade secrets from American companies operating in China.

“This has been a long-standing, long-festering problem,” said Robert Taub, chairman of the Postal Regulatory Commission, an independent federal agency.

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