China Welcomes the Improvement in Russia-US Relations, States Foreign Ministry

21 July, 2018, 17:29 | Author: Gerard Cortez
  • China foreign ministry says trade war has become biggest 'confidence killer' for world economy

"China will inevitably have to take necessary countermeasures as the United States escalated the trade war", Gao said.

"Speaking with facts and figures, the paper clearly shows that China has fully fulfilled its commitments in terms of tax reductions on goods, opening of trade in services, and non-tariff measures including import quotas", she said. On Monday, China said that it filed a WTO challenge against those proposed USA tariffs. The retaliatory tariffs on up to a combined US$28.5 billion worth of U.S. exports are illegal under WTO rules, U.S. Trade Representative Robert Lighthizer said in a statement. China has cut vehicle tariffs drastically.

Canada, China, the EU, Mexico, and Turkey, however, have all said that the USA measure appears to be a safeguard - in trade jargon, a temporary import curb in response to an actual or threatened import surge - and that they are imposing duties on various goods imported from the U.S. essentially as a way of claiming compensation for the economic harm they have suffered.

After that, China also applied 25 percent tariffs on 545 products of the US with similar monetary value than the tariffs imposed by the North American nation.

Separately, Trump is engaged in a trade war with China over the aggressive tactics Beijing has used to challenge US technological dominance. "They can increasingly conduct economic policy themselves".

A Nasdaq.com article points out that it could be a "one-off" as Chinese exporters were rushing to get shipments out before tariffs went into effect during the first week in July.

More than 500 disputes have been brought to the WTO since 1995, the report said.

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State governors discussed ways Thursday to court foreign investment in the wake of President Donald Trump's trade disputes with countries including China, Canada and Mexico. However it says retaliatory duties on United States exports imposed by China, the EU, Canada, Mexico and Turkey are completely without justification under worldwide rules.

Members are barred from discriminating against each other in their trade practices, meaning China's exports were shielded from protectionist moves by other countries.

The ad aimed at Barr uses a similar frame but hits the Republican for tariffs on bourbon, a product exclusively produced in Kentucky. It could deploy measures against USA multinational companies operating in China such as consumer boycotts.

"Unilateralism and trade bullying are unacceptable", Gao said.

On Wednesday, Larry Kudlow, who heads the White House Economic Council, said that he believed lower-ranking Chinese officials want a deal, including Xi's senior economic adviser Liu He, but that Xi has refused to make changes to China's technology transfer and other trade policies.

If a USA trading partner wants to go through the WTO's dispute settlement process, it can make a "request for consultations" that would start a 60-day period to talk about the issue.

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