The World Trade Organization has said that a complaint has been filed with it by China on Tuesday against the high tariffs on import that have been imposed by the U.S. President Donald Trump in steel and aluminum.
While the recent series of tariff related tensions between the two countries has raised concerns in the world markets about an impending trade war between the two largest economies of the world, according to many analysts it is but just one aspect of the deep gorge between the Trump and Chinese President Xi Jinping's government over trade and trade practices. In a separate spat over allegations that Chinese companies are stealing American intellectual property in the field of technologies, the Trump administration has also threatened to impose high tariffs on the import of certain Chinese products into the country worth $50 billion.
According to the WTO, a period of 60 days has been requested by China to hold negotiations and consultations with the United States about the tariffs imposed on steel and aluminum. It is only after such consultations do not succeed in brining out a resolution to the dispute can China ask for a ruling about the issue form a panel of trade experts with the WTO.
International trade rules have bene violated by the Trump administration in the implementation of an additional duties of 25 percent on steel and 10 percent aluminum, according to China.
In the Chinese steel and aluminum industries, there is more supply than there is demand for the metals in the domestic market and therefore the manufacturers have to seek out export markets in order to survive and grow. There are allegations by the trading partners of China such as the U.S. and the European Union that jobs in those markets are being threatened because Chinese manufacturers of steel and aluminum are offering the metals at abnormally low prices.
Vey little steel and aluminum is imported in eth U.S, from China because of former hikes in import tariffs that were imposed to reduce impact of the so called improper subsidies to Chinese producers according to the allegations of Washington.
On march 23, a list of 106 U.S. products was issued by the Chinese authorities that included products such as pork, apples, orange juice and steel pipes which are to be subjected to high import tariffs into China and which the country claims have been drawn up as a counter measure for the Trump tariffs. These would be implemented if there is failure in negotiating a arriving at a settlement to reduce the dispute over tariffs in steel and aluminum.
(Source:www.cnbc.com)
While the recent series of tariff related tensions between the two countries has raised concerns in the world markets about an impending trade war between the two largest economies of the world, according to many analysts it is but just one aspect of the deep gorge between the Trump and Chinese President Xi Jinping's government over trade and trade practices. In a separate spat over allegations that Chinese companies are stealing American intellectual property in the field of technologies, the Trump administration has also threatened to impose high tariffs on the import of certain Chinese products into the country worth $50 billion.
According to the WTO, a period of 60 days has been requested by China to hold negotiations and consultations with the United States about the tariffs imposed on steel and aluminum. It is only after such consultations do not succeed in brining out a resolution to the dispute can China ask for a ruling about the issue form a panel of trade experts with the WTO.
International trade rules have bene violated by the Trump administration in the implementation of an additional duties of 25 percent on steel and 10 percent aluminum, according to China.
In the Chinese steel and aluminum industries, there is more supply than there is demand for the metals in the domestic market and therefore the manufacturers have to seek out export markets in order to survive and grow. There are allegations by the trading partners of China such as the U.S. and the European Union that jobs in those markets are being threatened because Chinese manufacturers of steel and aluminum are offering the metals at abnormally low prices.
Vey little steel and aluminum is imported in eth U.S, from China because of former hikes in import tariffs that were imposed to reduce impact of the so called improper subsidies to Chinese producers according to the allegations of Washington.
On march 23, a list of 106 U.S. products was issued by the Chinese authorities that included products such as pork, apples, orange juice and steel pipes which are to be subjected to high import tariffs into China and which the country claims have been drawn up as a counter measure for the Trump tariffs. These would be implemented if there is failure in negotiating a arriving at a settlement to reduce the dispute over tariffs in steel and aluminum.
(Source:www.cnbc.com)
