Driven trade war biggest 'confidence killer' for global trade - Beijing

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 moves put a spotlight on the WTO, a multinational forum that is based on rules, in contrast with Trump's nationalistic approach that emphasizes country-to-country relationships.

Various delegations had particularly highlighted the latter concern, with some arguing that the state's strong role in the economy, or in some cases insufficient involvement, were complicating efforts from businesses based overseas in developing deeper ties with Beijing, according to a Geneva trade official familiar with the meeting.

In the US, South American and Southeast Asian shrimp and tilapia exporters are best positioned to sell more there as Chinese imports become costlier.

"In parallel [to this] though, many WTO members continue to liberalise their trade unilaterally or through preferential trade agreements between pairs or groups of countries". Since the entry into the WTO for 17 years, China's initial heart has remained unchanged and its words and deeds have been the same.

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

A new report by several experts for the Bertelsmann Foundation was warned that the credibility of World Trade Organisation's (WTO) is under major threat - the body faces extinction in light of the trade war between the United States of America and several other countries.

The report was released a day after the annual China-EU Summit in Beijing, where there were signs of progress on a bilateral investment treaty. China has previously prevailed in WTO dispute settlement against the United States in a successful challenge to restrictions on steel imports imposed under President George W. Bush in 2003.

Wang argued that in all areas, China is looking to ensure that progress is being made and WTO rules being followed.

Trump's steel and aluminum tariffs broke that taboo.

But Renmin University professor Yu Chunhai, who co-authored the report, cautioned that the basis of cooperation between China and the EU cooperation was "not solid as we thought" because there was not much European involvement in the value chain of US-bound Chinese products.

Yes, although it could take a while.

"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. Washington could refuse to implement such a ruling but would then face the possibility of sanctions.

In response, WTO director general Roberto Azevedo welcomed the "very timely" report.

Does China have other options? On Monday, China said that it filed a WTO challenge against those proposed United States tariffs. By expanding the list, the administration is beginning to hit products that USA households buy, including such things as electric lamps and fish sticks. That tactic was used in disputes with other Asian countries.

"China's achievements in innovation have been made by the wisdom and hard work of the Chinese people", she stressed.

China could also seek to lower the exchange rate of its currency against the dollar.

Jamey Keaten contributed from Geneva.

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