Economy

Review of worldwide retaliation against US-initiated global trade battle

Review of worldwide retaliation against US-initiated global trade battle

U.S. President Donald Trump on Wednesday morning took to Twitter, as he often does, to lambaste some of his favourite targets: the U.S. Justice Department, the "rigged Russian witch hunt" (a.k.a. the Robert Mueller investigation), and of course, undocumented immigrants.

The White House announced plans for "safeguard tariffs" over four years in January, starting at 30 per cent and incrementally falling to 15 per cent. USA officials say such action is necessary because the WTO lacks the ability to address Chinese trade tactics.

WTO complaints begin with negotiations between the parties to the conflict. Mexico's economy minister, Ildefonso Guajardo, said the tariffs will affect some 3 billion dollars in value terms. On the same day, Turkey's imposition of tariffs on 266.5 million dollars of USA goods took effect.

Following that, Washington imposed its first round of 25 tariffs on $34 billion of Chinese goods on July 6 in response to complains Beijing steals or pressures foreign companies to hand over technology. The president has also said the tariffs have been created to promote better trade deals.

More news: Aretha Franklin: The sound of the civil rights movement

On July 6, USA tariffs on 34 billion dollars of Chinese goods came into force, and China responded by enacting tariffs on 34 billion dollars of goods it buys from the United States.

China lodged its challenge at the WTO on Tuesday, the statement said.

"While taking protectionist measures against imported photovoltaic products, the United States provided subsidies to domestically produced photovoltaics and other renewable energy products", the ministry said in a statement.

China responded two days later by proposing tariffs ranging from 5 percent to 25 percent on 5,207 US goods worth 60 billion dollars.


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