USA says WTO must do more on China trade policies

15 July, 2018, 13:05 | Author: Teresa Adams
  • New round of tariffs targets $200 billion of Chinese goods

That came four days after Washington added 25 percent duties on $34 billion worth of Chinese goods and Beijing responded by increasing taxes on the same amount of American imports.

The Trump administration previously said it "erred" in supporting China's membership of the WTO because it has "proven to be ineffective in securing China's embrace of an open, market-oriented trade regime", according to a US Trade Representative report released in January. China imported only $130 billion in goods from the United States previous year, but it could retaliate through other means, including regulatory moves and investigations of USA companies. Washington imposed 25 percent tariffs on $34 billion of goods in response to complaints Beijing is hurting American companies by stealing or pressuring enterprises to hand over technology.

The administration said the new levies are a response to China's decision to retaliate against the first round of US tariffs.

The U.S. Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump's aggressive tariff policies. "As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to U.S. goods and services", Lighthizer said in the statement.

However, it will be impossible to reciprocate in-kind on the new September tariffs given that China only imports around $150 billion worth of U.S. goods.

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Four were extracted from the cave on the first day of the rescue operation, while another four were brought out on Monday. Four boys were rescued from the underground caves on Sunday, bringing the total number of recovered children to eight.

The officials said they tried to target goods that would reduce the harm to USA consumers.

In Asia, Japan's benchmark Nikkei 225 fell 1.2 percent to 21,932.21 and South Korea's Kospi lost 0.6 percent to finish at 2,280.62.

Reacting to the Washington announcement, a senior trade official in Beijing accused the United States of "damaging the world economic order" and said tit-for-tat tariffs would "destroy" trade between the rival powers.

It seems that the United States is escalating the scale of this trade friction. -China trade war jolted investor sentiment.

The USTR will accept public comments and hold hearings august 20-23 before reaching a decision after august 31, according to a senior USA official who briefed reporters on condition of anonymity. But it also points out that American cars assembled in China will equally bear the brunt of the tariff war.

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China's exports have mushroomed since it joined the World Trade Organization in 2001, making it the world's second-largest economy and prompting widening criticism in recent years from trading partners that it has unfairly used global trade rules to its advantage.

"Consumers will feel it and perhaps as early as Christmas", said Mary Lovely, an economics professor at Syracuse University who studies trade. The US is confident China will buckle.

Stephen Holmes, a spokesman for the Home Depot, said some of the products on the list - like lumber and carpet - won't affect his company because it receives most of those from the US and Canada. During a visit to Germany this week by Chinese Premier Keqiang Li, the countries signed business deals worth more than $23 billion.

"Resolving these challenges in an equitable manner is essential for the United States and China to have a healthy long-term commercial relationship that brings benefits to both our peoples", it said in a statement on the survey results.

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