How Trade Wars Imperil the Global Economy - Brink - The Edge of Risk

How Trade Wars Imperil the Global Economy - Brink - The Edge of Risk

The Chinese government retaliated the very next day by imposing tariffs on USA products in China.

The move comes after President Donald Trump imposed tariffs on steel and aluminum imports.

Recently, the United States has issued multiple reports accusing China of violating WTO rules, and used these to justify implementing unilateral trade measures against China. "We have agreed to say that, in the current global circumstances, it is important to defend multilateralism and free trade, " declared the Chinese Prime-Minister.

Speaking to National Business Daily, a Chinese newspaper, Fu said the alliance would like to "provide information on China to global media" so that "China issues can be discussed by Chinese people".

"Price hikes caused by the increased tariffs would adversely affect these industries".

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

Nikkel Asian Review reported that China tariffed 25 percent of US goods entering the Land of the Dragon. The second one is over steel and aluminum imports into the USA from Canada, Mexico, the European Union and China.

But the story won't end there.

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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. "We're hurting those suppliers' inputs, and we're hurting the American companies that are working in China with intermediate goods from the USA and elsewhere to produce what they're producing". The U.S. sighted "unfair trade practices" and China's theft of intellectual property as the reasons for these sanctions.

It followed the recent complaint that the ministry filed on July 6 to the WTO about the US' early round of levies on US$34 billion worth of Chinese goods.

Several of the more than 20 governors attending the annual meeting of the National Governors Association said shifting US trade policies are rattling markets for agricultural commodities and complicating decisions by foreign investors. US goods imported into China aren't just facing tariffs, but also stricter quarantines, more spot inspections, and all sorts of delays.

"America's trade adversaries have become more sophisticated in understanding America's political system", said Mr.

"The routine policy review has received high attention as 70 WTO members spoke at the meeting, which set a new record", Gao Feng, Ministry of Commerce spokesperson, said at a press conference.

At the very least, Trump is buying time: it can take months or even years before disputes get resolved through WTO bodies or are settled outside between the sides.

China's has hit back dollar-for-dollar, largely targeting agricultural products created to hurt Trump supporters.

The MOC spokesperson Gao Feng said the United States move violated the WTO principle about most-favored-nation treatment and binding tariff obligations, at a press conference.

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