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China seeks $2.4 bn in retaliatory sanctions against US

Oct '19
Pic: Shutterstock
Pic: Shutterstock
China recently sought $2.4 billion in retaliatory sanctions against the US for failing to comply with an old World Trade Organisation (WTO) ruling. WTO appeals judges said in July as the US did not fully comply with a WTO ruling about tariffs it put on certain Chinese products, Beijing could impose retaliatory sanctions if Washington did not remove those.

The WTO’s dispute settlement body (DSB) will reportedly review the case on October 28.

Washington has challenged the validity of the WTO ruling and could dispute the $2.4 billion in retaliatory sanctions, sending the matter to arbitration, according to a news agency report.

US officials argue WTO favourably treats China, which subsidises manufactured goods and dumps those on world markets.

The office of US Trade Representative (USTR) Robert Lighthizer has said the WTO ruling recognised that the United States had proved that China used state-owned enterprises to subsidise and distort its economy.

Meanwhile, President Donald Trump this week said efforts to end a trade conflict with China were going well. Lighthizer said the US administration still aimed to finalise a deal on its first phase in time for the Asia-Pacific Economic Cooperation meetings in Chile on November 16-17, but said there are outstanding issues to be resolved.

Deputy-level meetings took place on October 21 and Lighthizer and treasury secretary Steven Mnuchin would speak with their counterparts on October 25.

Fibre2Fashion News Desk (DS)

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November 2019

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