Trump administration wants changes to global tariffs

Global trade and tariffs will be a focus on Capitol Hill on Wednesday.

U.S. trade representative Robert Lighthizer will present the Trump administration's plans to have the World Trade Organization's policies updated.

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Lighthizer will appear before the House Ways and Means Committee in the morning and then testify before the Senate Finance Committee in the afternoon.

The administration believes that the tariffs the organization sets for various countries are “outdated” and above the levels charged by the United States, according to a copy of his prepared remarks, seen by the New York Times.

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The administration wants to make sure that the tariffs reflect current economic conditions, believing the WTO rules have put the U.S. at a disadvantage.

Lighthizer is expected to recap the administrations trade accomplishments, according to The Times.

Tensions have flared in recent weeks between the U.S. and China over how Beijing responded to the coronavirus.

President Trump made one of his strongest comments yet in dealing with China, telling FOX Business' Maria Bartiromo "We could cut off the whole relationship."

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The Trump administration has been mulling avenues to possibly punish or seek financial compensation from China for what it sees as withholding information about the virus.

Senior Chinese officials have said Beijing will honor its trade deal with the U.S. and wants to see better ties with Washington.

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The administration intends to challenge countries that are deemed to have unfair trade practices.