USA tariff war to adversely affect worldwide trade: China

China Building a Free Trade Network

They triggered retaliatory tariffs on USA exports from its NAFTA partners, Canada and Mexico, and from the European Union.

In taxing imported steel and aluminum from some countries in March and others in June, President Donald Trump deployed a little-used weapon in American trade policy: Under the Trade Expansion Act of 1962, presidents are empowered to impose unlimited tariffs on imports that the Commerce Department asserts are threats to America's national security.

With both sides suffering, the seafood industry increasingly becomes a battleground in the simmering trade war between the United States and China.

As expected, in response to the U.S. tariffs, China imposed increased duties on USA goods.

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

She said, "The Chinese government entered the WTO because the integration of the letter into economic globalization was in line with the historical trend, and promoting free and open trade could achieve mutual benefit and win-win results". China and the U.S. had already exchanged 25 per cent tariffs on US$34 billion of each other's goods.

But the story won't end there. China recently said it was ready to pay "any cost" in a trade war, as the US initiated a range of actions that could threaten the global trade order.

It released an investigation report in March, and imposed tariffs on US$34 billion worth of Chinese goods on July 6 in disregard of 91 per cent opposition in the comments it received.

China and the USA are set in what Beijing calls the biggest trade war in economic history.

Since then, some WTO members have filed trade disputes challenging the U.S. duties. The retaliatory tariffs on up to a combined US$28.5 billion worth of U.S. exports are illegal under WTO rules, U.S. Trade Representative Robert Lighthizer said in a statement.

The US Section 232 tariffs remain controversial domestically, however, drawing condemnation from various manufacturing groups, agricultural exporters, and lawmakers alike.

"The joint statement is a confirmation of the EU-China's good relations", Fabio Massimo Parenti, associate professor of global studies at the Institute Lorenzo de' Medici, Florence.

"We should let those who advocate trade war know that trade war is not something that can be easily won", China Consul General to Los Angeles Zhang Ping said.

That could include increasing tax rebates - known as the value-added tax credit rate - to exporters in China which would raise their income by between 3.5 percent and 4 percent.

A public hearing on the latest proposal, to be held at the Washington, D.C. offices of the US International Trade Commission, is scheduled for August 20.

The United States told the WTO last week that a "reckoning" over China's unfair trade policies is urgent and is too big for the WTO to handle.

"I think Liu He and others would like to move but haven't", he said at a conference.

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