Sunday, 15 September, 2019

US launches five WTO challenges to retaliatory tariffs

EU says China could open its economy if it wishes Trump hits back at Canada for retaliating against tariffs with WTO complaint
Rhonda Young | 17 July, 2018, 04:58

Tusk spoke at an annual EU-China summit held Monday against the backdrop of the deepening trade discord.

Speaking at a news conference, he said: "If China wishes to open up, it can do so".

Tang Jianwei, an analyst with Bank of Communications financial research center, said he expects consumption growth to continue rebounding in H2 as the recent import tariff cut and the ongoing individual income tax reform would boost consumption in the rest of 2018. But he added that increasing tensions with US officials would not be the right answer. The 28-country European Union bloc has responded with import taxes on $3.25 billion of US goods.

The EU and Chinese officials met as China reported that its economic growth slowed a little in the three months ending in June.

Investment in factories, housing and other fixed assets rose 6 per cent in the first half of the year over a year earlier, a rate that was 1.5 percentage points slower than the pace set in the first quarter.

TRT World spoke to Hong Kong-based journalist Patrick Fok for more details. He told VOA that the slowing of China's economy has been more modest than many experts expected.

On a quarterly basis, GDP in the second quarter grew 1.8 percent, compared with growth of 1.4 percent in January-March, the National Bureau of Statistics said.

Mr Trump sprinkled further spice on the rising rancour in a interview aired yesterday in which he labelled the EU, Russia and China as "foes" of the United States.

Heat warning issued for Calgary and a large portion of eastern Alberta
Environment Canada is reminding the public the safest place for people and pets during a thunderstorm is indoors. Wind gusts can toss loose objects, break branches off trees and overturn large vehicles.

Citing its investigation that began in August 2017, the Trade Representative's tariff notice said it concluded that China's actions and policies "are unreasonable or discriminatory and burden or restrict USA commerce".

U.S. Treasury Secretary Steven Mnuchin (C) and the U.S. delegation for trade talks with China, leave a hotel in Beijing, China May 3, 2018.

Separately, Trump is engaged in a trade war with China over the aggressive tactics Beijing has used to challenge USA technological dominance.

China's Mr Li asked foreign companies to tell him if they had suffered any theft of intellectual property, one of the US's complaints against China's trading methods.

Darson Chiu is a researcher at the Taiwan Institute of Economic Research.

Lighthizer stressed the original US tariffs on industrial metals are "fully legitimate" and are in line with worldwide trade rules.

Chiu added that China's ability to hit back at the USA through tariffs has limits.

Exporters say American orders started to fall off as early as April as the war of words between Trump and Beijing intensified.

LeBron James supports Lakers courtside at Summer League game
The highlights continued under LeBron's watch, as Alex Caruso 's four-point play got King James pumped just before halftime. From that pool, a 12-man roster will be selected for the 2019 World Cup in China and 2020 Olympics in Tokyo.

The announcement by China's Ministry of Commerce, seeking a legal remedy, comes a week after the administration of President Donald Trump published a preliminary list of over 6,000 Chinese products to which it seeks to assign an additional 10 percent tariff.

European Council President Donald Tusk was speaking in Beijing at the opening of a summit between China and the European Union, just hours ahead of a summit between Trump and Putin in Helsinki.

Raymond Yeung is an economist at the Australia and New Zealand Banking Group.

"Hence the lack of immediate response from China, as administrators will be ultra-careful not to send the wrong signal, triggering another market melt in China".

Canada, one of the largest trading partners of the United States, make the biggest move, unloading 10 to 25 percent duties on $12.7 billion on USA goods.

The data comes as the government attempts to curb growing debt and as trade tensions with the United States escalate.

"We see a China that is seeking alliances as countermeasures to the USA actions", the president of the European Union Chamber of Commerce in China, Mats Harborn, said last week.

European Union and Chinese leaders, the US' two most significant trading partners, are meeting in Beijing in order to establish a battle plan for combatting Mr Trump's crackdown on global trade.

What Americans Think About US Trade Relations
Trade has shrunk as a share of China's economy but the conflict with Washington threatens to dent growth. Both official and private business surveys reported softer export orders last month.

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