China foreign ministry says trade war has become biggest 'confidence killer' for world economy
19 July, 2018, 15:55
Numerous suggestions are in line with China's existing playbook and action taken since Trump escalated the hostilities with threats of another US$200 billion of Chinese goods with a 10 per cent tariff.
In the US, South American and Southeast Asian shrimp and tilapia exporters are best positioned to sell more there as Chinese imports become costlier.
The report went on to say that both the U.S. and China will need new markets for their products and that high-value crustaceans, tilapia, shrimp, and squid trade flows between the USA and China are expected to slow down.
Meanwhile, the Trump administration is hitting back at what it considers unjustified retaliatory tariffs that were imposed in response to U.S. steel and aluminium duties.
According to US Trade Representative Robert Lighthizer, the retaliation violated the rules of the Geneva-based WTO, which mediates trade disputes.
"It is typical unilateralism and zero-sum thinking to launch trade wars for domestic political considerations and for one's own interests", Hua said.
In addition to each country's unilateral measures, both countries (as well as our other global trading partners) have taken their cases to the World Trade Organization (WTO) asking for enforcement of the rules of The General Agreement on Tariffs and Trade (GATT) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).
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He said the USA would take "all necessary actions" to protect United States interests and urged trading partners to "work constructively" with the Trump administration to address overcapacity in both metal sectors.
China announced it filed a World Trade Organization challenge Monday to U.S. President Donald Trump's proposal for a tariff hike on $200 billion of Chinese goods, reacting swiftly amid deepening concern about the economic impact of their spiraling technology dispute.
A European Commission spokesman said that while the bloc's decision to retaliate was proportionate and WTO-compatible, the U.S. is entitled to seek an independent review in which the EU will explain and defend its position.
The Mexican government said in a statement that it will look at the USA request with the goal of answering it in the next 10 days.
Trump's steel and aluminum tariffs broke that taboo.
China could end USA tariffs "this afternoon by providing a more satisfactory approach" and taking steps that other countries are also calling for, he said.
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