Monday, 22 October, 2018

EU, China vow to protest multilateral economic order

EU, China vow to protest multilateral economic order EU, China vow to protest multilateral economic order
Patty Aguilar | 19 July, 2018, 17:10

The EU also urged Beijing to level the playing field for European firms operating in China.

Furthermore, China has accused the United States of bullying and warned that the Trump administration will be hit after the proposed tariffs. Even though Trump's first tariff hike didn't take effect the current quarter, exporters say American orders started to fall off as early as April.

Chinese leaders have expressed confidence their US$12-trillion-a-year economy can survive the tariff war with U.S. President Donald Trump.

They called on both sides to shoulder common responsibilities and resist protectionism and unilateralism, respect world-acknowledged worldwide rules, draw lessons from history and avoid conflicts and upheavals.

The Trump administration has criticized the WTO as unable to deal with the problems posed by China, suggesting a challenge there might have little impact in Washington.

"There is still time to prevent conflict and chaos".

Last week, Mr Tusk lambasted the United States president's constant criticism of European allies and urged him to remember who his friends are when he meets Mr Putin. In July, Beijing responded with mirror measures after Washington imposed 25 percent tariff on $34 billion worth of Chinese goods.

Washington and Beijing have already imposed tit-for-tat tariffs on $34bn (£25.6bn) of goods but the USA raised the stakes last week by threatening to impose extra charges on another $200bn (£151bn) worth of goods.

Foreign Affairs Minister Chrystia Freeland has called Washington's metal tariffs absurd and illegal because they've been applied on the premise that Canada represents a national security threat to the U.S.

Lighthizer said that the retaliatory tariffs "appear to breach" WTO rules.

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A recent survey conducted by the EU Chamber of Commerce in China concluded that China is "one of the most restrictive economies in the world".

"China is not backtracking, which is China's most clever response to the trade war", said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis SA in Hong Kong. Beijing is trying to recruit support, so far in vain, from Europe, South Korea and other governments.

"There are now tariffs on over US$150bn in goods from the start of the year (US tariffs and retaliatory tariffs)".

China said on Monday that its economic growth rate had slowed slightly to 6.7 percent in the second quarter of this year, from 6.8 percent the previous quarter, and a government spokesman warned a trade conflict threatens all the affected economies.

Li welcomed European countries and EU institutions to conduct third-party cooperation with China in the CEEC to reach a win-win situation.

No such deal with the USA has been announced, although China plans to eventually scrap the joint venture rule in the automotive industry by 2022.

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. The executive said no.

Tusk was speaking Monday in Beijing at the opening of a summit between China and the European Union.

For China, however, a prolonged trade war is bad both politically as well as economically.

In a meeting later with Chinese President Xi Jinping, Juncker said "multilateralism is under attack, an attack unprecedented since the end of World War II".

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