China refutes USA accusations on tariffs, intellectual property issue

China refutes USA accusations on tariffs, intellectual property issue

China refutes USA accusations on tariffs, intellectual property issue

President Trump has demanded that China cut into that trade surplus, threatening to eventually impose tariffs on a total of $500 billion in Chinese imports.

The EU Council President, Donald Tusk, appealed to China Monday in Beijing, and also to the United States and Russian Federation, to "avoid chaos, " just as Donald Trump's America has entered into a power struggle with his major trading partners.

Interestingly, this scenario of trade wars isn't only limited to the United States and China but even India has imposed heavy tariffs on agriculture products imported by the United States during escalating tensions, although India has been vocal about protectionism.

Brookings reported that in comparison to the massive American and Chinese financial markets the amount of trade affected is at a moderate amount.

"Price hikes caused by the increased tariffs would adversely affect these industries".

Lighthizer's office has said that Trump's tariffs are OK because they were taken under a U.S.

Indeed, the president of the European Economic and Social Committee, Luca Jahier, while deploring U.S. tariff measures as divisive, told the South China Morning Post that existing rules and institutions both need improving.

The United States and China have imposed tariffs on US$34 billion of each other's imports.

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But the story won't end there. The U.S. and China both have denied that a trade war is underway, but it isn't hard to foresee that Trump administration's policy of increasing tariffs on China is more of a political move and less of an economic one.

"China will never take unilateral measures easily or violate WTO fundamental rules".

"China will continue to firmly support the facilitation of trade freedom and will stand with the global community in fighting against unilateralism and protectionism", stated Feng.

U.S. Trade Rep. Robert Lighthizer said their retaliation violates the rules of the Geneva-based WTO, which mediates trade disputes. Last week, the US released a list of an additional $200 billion in Chinese imports to be targeted for duties.

"The routine policy review has received high attention as 70 WTO members spoke at the meeting, which set a new record", Gao Feng, Ministry of Commerce spokesperson, said at a press conference.

Trump has warned he could ratchet his measures up to $450 billion in Chinese imports - the vast majority of what China sells to the United States in a year - if Beijing continues to retaliate. Governments should take advantage of the economic upswing to build buffers against future risks and renew their commitment to worldwide cooperation, while central banks should raise rates in a gradual, well-communicated way, the IMF said.

Kudlow said on Wednesday that Xi was "holding the game up".

China's has hit back dollar-for-dollar, largely targeting agricultural products created to hurt Trump supporters.

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