China economic growth slows to 6.7% in second quarter

Posted July 18, 2018

"The Chinese government recently has taken a host of measures including reducing tariffs and expanding market access", Mr Li said.

The Trump administration has slapped tariffs on steel and aluminium imports from Europe as well as on products from Mexico, Canada and China, sparking retaliation and fears of a global trade war.

In a statement released on July 16, Lighthizer said: "The actions taken by the President are wholly legitimate and fully justified as a matter of USA law and global trade rules". He said "Instead of working with us to address a common problem, some of our trading partners have elected to respond with retaliatory tariffs created to punish American workers, farmers and companies".

The war began on March 23 when the USA imposed tariffs on steel and aluminium which affected a number of countries including U.S. allies, as well as China.

Spokesman for China's national statistics bureau, Mao Shengyong, said: "World trade protectionism continues to heat up, posing a major challenge to the world economic recovery and adding challenges and uncertainties for us".

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Under the WTO rules a complaining country - in this case Canada - would file a dispute and efforts to resolve the dispute would begin immediately in a 60 day period of consultation, followed by litigation before a panel and possible appeal, Busch said.

China called on the WTO to initiate an investigation of violations of worldwide trade law. He said Monday's move "indicates that we value the role of the WTO rules".

While China takes advantage of WTO protections for its goods exports, it has been criticized for not upholding WTO rules requiring enforcement of trademarks and patents and for subsidizing selected domestic sectors.

Both sides agreed that faced with the current complicated global situation, especially the rise of unilateralism and protectionism, China and the European Union, as two major forces and economies of the world, have the joint responsibility to safeguard the rules-based worldwide order, advocate multilateralism, and support free trade so as to promote world peace, stability and development. Last week on July 10, the U.S. stepped up its pressure by announcing that it would hike by 10 per cent the tariffs of another $200 billion worth of goods imported from China, ranging from auto parts to food ingredients and construction material. "We expect they will move along these lines". "But the catch is that the country invoking the safeguard has to compensate the country targeted by the safeguard". Sober US analysts agree that the rhetoric on the China challenge is somewhat overblown.

Global Affairs Canada says that Goldsmith-Jones will meet with United States union representatives to discuss shared concerns about steel and aluminum tariffs.

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In recent months, Donald Trump has increased tensions among traditional U.S. partners and allied trading blocs such as the EU, Canada, and Mexico, with a focus on trade issues.

The yuan, meanwhile, has been sliding, though a weaker currency might help exporters facing the USA tariffs. Many feel that it may already be too late to do anything about this.

"This is a measured, perfectly reciprocal, dollar-for-dollar response to the USA tariffs - within our WTO and NAFTA rights", Adam Austen, Freeland's press secretary said in an emailed statement.

In January this year, US Secretary of Commerce Wilbur Ross issued reports finding that imports of steel and aluminum products threaten to impair American national security.

A trade war between China and the United States is likely to be prolonged, "putting more downward pressure on the Chinese economy", said Kenji Yoshikawa, a senior economist at Mizuho Securities Co.

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