Sunday, 19 August, 2018

WTO credibility, survival at risk from trade war

State governors delve into foreign diplomacy on trade war China foreign ministry says trade war has become biggest 'confidence killer' for world economy
Patty Aguilar | 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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That was largely down to the rising price of fuel, with petrol prices hitting their highest in four years in the month . The Retail Prices Index, a separate measure of inflation, was 3.4 per cent last month, up from 3.3 per cent in May.

Ex-FBI chief Comey urges voters to support Democrats in fall
During that tour, Comey declared the Republican Party "left me" and stated he no longer wanted to be associated with the GOP . Comey's message was retweeted almost 40,000 times as of Wednesday afternoon and liked almost 115,000 times.

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His comments appeared to be trying to ease local concerns fueled by Trump's decision to withdraw from the nuclear deal with Iran. The Associated Press was not provided access to the new details of the Mossad operation.

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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