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America No Longer Being The Exception To International Trade Rules, China Seeks $2.4 Billion in Sanctions Against US for Ignoring WTO Decision on Tariffs – Reports
China Seeks $2.4 Billion in Sanctions Against US for Ignoring WTO Decision on Tariffs – Reports
Washington and Beijing are still engaged in trade talks over disagreements that have caused a major tariff war. Over the course of a year, both sides have slapped several rounds of trade restrictions on each other and clashed in legal battles at the World Trade Organisation.
China seeks to implement $2.4 billion worth of retaliatory sanctions against the US, stating that their trade partner hadn’t fully complied with a WTO ruling dating back to the previous American administration, which required the cancellation of tariffs on solar panels, wind towers, steel cylinders, and aluminium extrusions.
“In response to the United States’ continued non-compliance with the DSB’s [Dispute Settlement Body] recommendations and rulings, China requests authorisation from the DSB to suspend concessions and related obligations at an annual amount of $2.4 billion”, Beijing said, commenting on a WTO hearing scheduled for 28 October.
Commenting on the ongoing negotiations, Chinese Vice Premier and the chief negotiator in the talks Liu He said on Saturday that the sides had made “substantial progress” and that a deal between the two countries is possible. According to Trump China would purchase between $40 billion and $50 billion in US agricultural products
Meanwhile, earlier this month, US Treasury Secretary Steven Mnuchin stated that a mid-December round of tariffs on Chinese goods would take effect if no deal is struck between the sides.
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