Trump administration files World Trade Organization complaint against Canada’s retaliatory tariffs

17 Juillet, 2018, 04:58 | Auteur: Auguste Feret
  • EU says China could open its economy if it wishes

"It is the common duty of Europe and China, but also America and Russian Federation, not to destroy (the global trade order) but to improve it, not to start trade wars which turned into hot conflicts so often in our history", Tusk said, adding: "There is still time to prevent conflict and chaos".

One sign of that shift came when the European Union and China agreed to issue their first joint summit statement in three years.

China has repeatedly said it can weather a trade war better than the United States but the prospect of tariffs on as much as $500bn of Chinese goods has anxious investors and businesses. But he added that increasing tensions with US officials would not be the right answer. But Chinese officials have tried to appeal to American companies as allies.

Despite this escalation, the Chinese economy expanded by 6.7 percent in the second quarter from a year ago.

TRT World spoke to Hong Kong-based journalist Patrick Fok for more details.

Despite some softening on the investment and industrial production front, many positive signs can be captured from Monday's data, reflecting China's progress in economic reform and restructuring.

It came at a time when China and the European Union have separate disputes with US President Donald Trump's administration on areas including trade, security and other global affairs and governance.

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.

"I want to hear if any big company here would like to make a complaint here on the theft of intellectual property, so that I will take great measures", he told a BMW executive. Administration officials have argued that while Canada, itself, is not a national security threat, the weakness of USA steel and aluminum producers is a security problem.

Chiu added that China's ability to hit back at the USA through tariffs has limits. Beijing responded immediately by imposing identical penalties on a similar amount of American imports.

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The Trump administration is still considering the auto tariffs and, later this week, the U.S. Department of Commerce will hold hearings on whether it can impose them over national security concerns, much like it did for steel and aluminum.

China says the tariffs are illegal attempts at protectionism.

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

"We have the confidence, capabilities, and conditions to ensure stable and sound economic growth while pursuing high-quality development", Ning said. The comments came a day after Trump called the European Union his biggest "foe" due its stance on trade.

"The tension between the two countries is not simply on trade, but in anything that the Chinese government thinks happens to be in the USA economic interest", he said.

The data weighed on Asian markets, adding to concerns about the impact from the Sino-US trade war on economic growth in China and the rest of the world. Beijing said it would "fight back as usual" and would file a complaint with the WTO.

"The United States will take all necessary actions to protect our interests, and we urge our trading partners to work constructively with us on the problems created by massive and persistent excess capacity in the steel and aluminum sectors", he said.

Joyce Huang reported this story for VOA News.

However, China has made a strong effort to block comments about the trade dispute on the internet. -China trade dispute was the second top-trending subject.

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