U.S. challenges China, EU and others at WTO over steel tariffs

Devin Lawrence
July 21, 2018

As U.S. President Donald Trump has threatened to impose tariffs on another $200 billion worth of Chinese goods, China won't be able to retaliate with the same kinds of tariffs.

State governors are looking for ways to court foreign investment and commerce in the shadows of President Trump's aggressive use of tariffs in trade disputes with countries including China and US neighbors.

The European Union on Monday called on the United States, China and Russian Federation to work together to avoid trade "conflict and chaos" to prevent it spiralling into violent confrontation.

The chancellor added that: "It really is a multilateral interdependent system that at its best most likely is really a plurilateral win-win situation when we stick to the rules".

Referring to US accusations on China stealing intellectual property, Hua said it is a serious distortion of reality, as China is firmly implementing an innovation-driven development strategy.

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

The US tariffs which took effect this month target a wide range of Chinese goods - including aircraft parts and computer hard drives - that Washington says have benefited from unfair trade practices.

"The U.S. trade war is not just with China but with the rest of the world".

The country has informed the WTO it plans to impose retaliatory measures on USA goods to the tune of 50 billion yen (395 million euros, $455 million), after failing to persuade Washington to exempt it from the tariffs.

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Similarly, Republican House Leader Paul Ryan was publicly at odds with Trump's statements during the Helsinki press conference . Cotton went on to say that these are not the actions of "a friend, an ally, or merely a nation with aligned interests".

But the story won't end there.

China's economy grew at a slower pace in the second quarter, data on Monday showed, with Beijing's trade dispute with Washington challenging the growth outlook for the world's second-biggest economy.

Meanwhile, the United States has lodged over 100 complaints with the WTO in respect of imports or the trade policies of nine countries as well as the EU.

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

"This is definitely a trade war", said Matt Gold, adjunct law professor at Fordham University and a former deputy assistant USA trade representative for North America.

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

China firmly believes that the authority and effectiveness of the multilateral trading system can be protected only by adhering to the worldwide rules in the spirit of contract, Hua said. Governments should take advantage of the economic upswing to build buffers against future risks and renew their commitment to global cooperation, while central banks should raise rates in a gradual, well-communicated way, the IMF said.

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

Liu said the row had already put a dent in investor confidence in the Chinese stock market and currency.

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