Sci-tech

China files complaint against the U.S. at the WTO over tariff hikes

China files complaint against the U.S. at the WTO over tariff hikes”

Trump said on Twitter in June that Democrat Joe Biden would be "China's Dream Candidate, because there would be no more Tariffs". "In the meantime, China's Supply Chain will crumble and businesses, jobs and money will be gone!" Traders did not like what they heard.

On Sunday, the United States, the world's largest economy, began imposing 15% tariffs on some Chinese goods. All five companies were part of the 200-plus firms that sent a joint letter last week urging Trump to abandon the proposed levies on a total of $300 billion in Chinese imports.

Xi Jinping's government lodged a complaint against the Trump administration with the World Trade Organization on Monday, which was a holiday in the U.S.

Beijing then said it planned to file a complaint at the World Trade Organisation against the U.S. tariffs under the dispute settlement process, according to a Ministry of Commerce statement late Monday.

"China is extremely dissatisfied with and resolutely opposes the tariffs", the ministry added. "In accordance with relevant WTO rules, China will firmly safeguard its legitimate rights and interests", Beijing's trade ministry mentioned in a remark printed on its website online.

Some Trump administration officials are trying to keep talks from breaking down because global financial markets are moving with every positive and negative twist in a trade war that looks likely to extend into Trump's 2020 reelection campaign. USA and Chinese negotiators are due to meet in person in Washington this month, but no date has yet been set.

"It is time the United States administration reconsidered its poorly thought out China-bashing moves", an editorial in the China Daily argued.

A total of about 67 percent of voters said it is "necessary" for the U.S.to confront China on trade, while only 33 percent said it is "unnecessary". Will change!' he vowed.

U.S. stocks fell on Tuesday as data showed factory activity contracted for the first time since 2016 in August, while the benchmark 10-year U.S. Treasury yield fell to its lowest since July 2016. China had revised its major laws on foreign investment prior to its WTO entry and has continuously relaxed market access to fulfill its commitments on opening-up in service trade, he said.



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