China says US-led trade war biggest 'confidence killer'

China foreign ministry says trade war has become biggest 'confidence killer' for world economy

Numerous suggestions are in line with China's existing playbook and action taken since Trump escalated the hostilities with threats of another US$200 billion of Chinese goods with a 10 per cent tariff.

The domestic textile industry has shrunk dramatically in the almost two decades since the U.S. opened up trade with China, dropping from 1.13 million workers in 1999 to less than 350,000 today, according to the U.S. Bureau of Labor Statistics.

The WTO gives countries broad leeway to determine national security interests.

Here's a look at the WTO and what its role will be in the trade tussle.

The Canadian government said its tit-for-tat tariffs are allowed under the rules of the WTO and North American Free Trade Agreement.

The tariff hikes targeting Chinese goods were based on Section 301 of the United States Trade Act of 1974, its domestic trade law.

The report went on to add that "It is urgent to avoid further erosion of the WTO's credibility", saying "This includes preventing backsliding by WTO members towards the unilateral use of protectionist trade policies and ensuring that disputes are resolved effectively and efficiently".

Purchase said the question to be asked now was whether China and the European Union would team up at the WTO on multilateralism reform?

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Membership in the WTO has been part of China's rise to global economic influence since it joined in 2001.

Renmin University vice-president Liu Yuanchun said the country had entered a "real period of difficulty" because the trade war came in the middle of "painful" structural adjustment for the country. That was been a key factor in China's export boom.

"If China hadn't abided by WTO rules, why would it have fulfilled the obligations of joining the organization?" she asked.

The U.S. complaint says the steel and aluminum tariffs imposed by the Trump administration were justified, but claim retaliation in response to the tariffs from trading partners was not justified.

The initial round of United States tariffs worth $34bn, like their Chinese counterparts, went into effect July 6. "We need to do a better job of helping people get back on their feet and back into work".

Yes, although it could take a while. "All these developments in the global trade arena make a credible dispute resolution mechanism such as the WTO all the more important", he said.

"The United States not only puts its own interests above global interests, but also places its domestic rules on top of worldwide rules", she said.

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