European Union says China could open its economy if it wishes

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

The Chinese side recently published a white paper entitled "China and the World Trade Organization", using facts and figures to make it clear that China has fully fulfilled its commitments in terms of goods tax reduction, service trade opening, import quotas and other non-tariff measures.

On July 14, China's Ministry of Finance set up the "U.S. Research Think Tank Alliance" with research institutes around the country, totaling nearly 20 organizations, in an effort to figure out "how to respond to new circumstances and challenges that the U.S".

The ministry pointed out that the countermeasures were needed to protect not only the national interests but also the whole system of the global trade.

"It is typical unilateralism and zero-sum thinking to launch trade wars for domestic political considerations and for one's own interests", Hua said.

Referring to US accusations on China stealing intellectual property, Hua said it is a serious distortion of reality, as China is firmly implementing an innovation-driven development strategy.

However, what started as a mere economic tariff on electronic devices has escalated into a trade war between the two largest economies in the world.

Trump has also hit European metal imports with tariffs and has threatened to curb auto imports from Europe with a 20 percent duty.

Meanwhile, the Trump administration is also hitting back at what it considers unjustified retaliatory tariffs that were imposed in response to USA steel and aluminium duties. The tax was an economic counterattack of the US tariffing $34 billion of Chinese goods entering the free world.

Rescued Thai Soccer Players Speak From Their Hospital Beds
Thai navy SEALs and an global team of cave-diving experts played a key role in bringing them to safety. One of the 12 boys is carried out on a stretcher during the rescue operation in the Tham Luang cave.

TRADE UPDATE: China said it has filed a World Trade Organization challenge to Trump's proposal for a tariff hike on $200 billion of Chinese goods. The agency reports claimed that these imports were putting national security at risk. The complaint includes China, the European Union, Turkey, Canada and Mexico.

The 14 experts, led by Bernard Hoekman, urged WTO's 164 member states to agree on a new work programme that will address trade-distorting policies and preserve the multilateral rule-based trading system.

Nikkel Asian Review reported that China tariffed 25 percent of US goods entering the Land of the Dragon.

The initial US tariff list focused on Chinese industrial products in an attempt to limit the impact on American consumers.

Specifically, and regardless of whether you believe imposition of tariffs is a wise policy, Wiseman is the first writer I've come across who correctly points out that there is a firm legal basis for the tariffs on steel and aluminum pursuant to the Trade Expansion Act of 1962.

This article How can China win a trade war? A big chunk of it is actually US -sourced material and material sourced from other countries that goes into the products that are exported here.

"China, with the greatest sincerity, has been committed to addressing problems and achieving win-win cooperation at four rounds of consultations with the United States since February".

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