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Beijing files complaint against the US at the WTO

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  • Asian Market
  • 2 months ago
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China has launched a complaint against the U.S. at the World Trade Organization over the imposed tariffs on Chinese goods.

The U.S. began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on U.S. crude oil, the latest escalation in their trade war.

China did not release details of its legal case but said the U.S. tariffs affected $300 billion of Chinese exports, however according to China's Commerce Ministry the latest tariff actions violated the consensus reached by leaders of China and the United States in a meeting in Osaka, therefore Beijing feels it needs to defend its legal rights in accordance with WTO rules.

The lawsuit is the third Beijing has brought to challenge U.S. President Donald Trump’s China-specific tariffs at the WTO, the international organization that limits the tariffs each country is allowed to charge.

According to U.S. officials, they are penalizing China for theft of intellectual property that is not covered by WTO rules, although many trade experts say that any tariff hike above the allowed maximum must be justified at the WTO.

 

 

Source: Smart Trend Team