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.

Related News:

  • Danny Ward in talks over Leicester move

    Liverpool's third choice keeper, Danny Ward has agreed a deal to join Leicester City worth around £12m. However, the Reds have made significant moves since then, landing their top transfer target in Alisson.
    Twitter reacts as France takes the cup

    Twitter reacts as France takes the cup

    After France's memorable win, Kylian Mbappe was named the best young player during the 2018 World Cup. The Paris Saint-Germain player was born and raised in the poor Parisian suburb of Bondy.
    Liverpool and AS Roma agree record fee for Alisson at third attempt

    Liverpool and AS Roma agree record fee for Alisson at third attempt

    It had been rumoured that Chelsea had been linked with the player, but it is understood they have not made a bid. The 25-year-old stopper started his career with Internacional in Brazil before moving to Roma two years ago.
  • 'Silicon Valley' actress calls T.J. Miller a 'bully,' cast members 'complicit'

    Miller, who played windbag entrepreneur Erlich Bachman, left " Silicon Valley " in 2017, after the show's fourth season. In her tweets, Wetterlund wrote that she was not sure about the experience of other women who had appeared on the show.
    The Crown offers fans glimpse of new cast as royals

    The Crown offers fans glimpse of new cast as royals

    This double reveal follows after Netflix released the first image of Olivia Colman as Queen Elizabeth , assuming the role from Claire Foy .
    Springsteen's Broadway show coming to Netflix

    Springsteen's Broadway show coming to Netflix

    Netflix , he noted in his statement, "has provided for a simultaneous worldwide release which is particularly important for our massive global audience".
  • Argentine steak restaurant Gaucho set to crash into administration

    Argentine steak restaurant Gaucho set to crash into administration

    The decision will come after weeks of talks about a sale to new investors, with the restaurant entrepreneur Hugh Osmond among those who examined a potential deal.
    Sarah Sanders holds White House news briefing

    Sarah Sanders holds White House news briefing

    Trump started to say that he has full faith in the USA intelligence agencies when the the lights in the Cabinet Room briefly went out.
    Blood test to detect melanoma could save thousands of lives

    Blood test to detect melanoma could save thousands of lives

    The Australian health system spends $201 million on melanoma a year with another $73 million on negative biopsies. The blood test works by detecting the autoantibodies the body produces in response to the melanoma.
  • Marina Gross: Some Want Trump's Interpreter Subpoenaed

    TMZ also reported that Gross "served as a translator for then Secretary of State Rex Tillerson back in April 2017 in Moscow".
    Mark Zuckerberg Says Facebook Won't Remove Holocaust Denial Content

    Mark Zuckerberg Says Facebook Won't Remove Holocaust Denial Content

    However, he admitted that Facebook was "slower" in identifying such groups which have set up "a network of fake accounts in order to spread divisive information".
    Stone goes agonisingly close to 59 as Pepperell & Dantorp also make Open

    Stone goes agonisingly close to 59 as Pepperell & Dantorp also make Open

    It left the 38-year-old needing to earn one of the three qualifying places on offer at both the Irish Open and Scottish Open . Cameron Smith (T42) and Adam Bland (66th) were the other Australians to make the cut.


Most liked

Morrisons launch "Quieter Hour" for shoppers affected by noise
Morrisons stores in the county are set to become the first to introduce a "quieter hour" designed for customers with autism. Supermarket Morrisons has announced that it will be rolling out a nationwide weekly "Quieter Hour" to 493 of its stores.

Tory Party Chairman apologises for breaking pairing agreement
Labour has demanded the resignations of the two senior Tories if they fail to give a full explanation over the whipping operation. During Prime Minister's questions, Mrs May told MPs: "The breaking of the pair was done in error".

Boris Johnson says Irish border 'politically charged'
Another source said: 'The priority is to nail down the withdrawal agreement and deal with Chequers stuff after Brexit'. May gave way, accepting the amendments even though some critics think they render her Chequers plan unworkable.

Melania Trump's "Haunted" Expression After Meeting Putin Is Going Viral
Melania, who is a few inches taller than the ex-spy strongman, also smiles during the handshake in an apparently natural way. The photo was taken before Trump and Putin's almost two-hour one-on-one meeting, which was followed by a press conference.

Google Doodle honors physicist Georges Lemaitre's 124th birthday
According to the Google Doodle, Lemaitre had accurately estimated a numerical value which was later known as the Hubble Constant. Today Google dedicated its famous Doodle to celebrate the birth anniversary of Belgian astronomer, Georges Lemaitre .

USA challenges trade war counter-tariffs at WTO
India is one of the top four manufacturers of steel globally, but it exports less than 10 percent of total steel production. In addition, Indian companies are preparing for a potential flood of steel imports amidst the escalating trade war.

Anthony Joshua Reacts To Jarrell Miller Incident In New York
Right before the fight I licked some meldonium or some ostarine to have no affect and be caught with it right before the fight. Joshua says: 'It was unfortunate for his opponents at the time but at least I know he will be fighting clean against me'.

European Commission Chief: Trump efforts to split EU "in vain"
Trump imposed duties of 25 per cent on steel imports and 10 per cent on aluminium in March, but had given temporary exemptions to the European Union and some other close trading partners as talks continued.

Teen among two people bitten by sharks off Long Island in NY
The boy, who was attending a day camp at the time, walked on and off the police boat that took him to the hospital. Bathers were allowed to return to the water after the lifeguard sighting was confirmed to be a sandbar shark.

'Oddball' Moon Among 12 New Discoveries Orbiting Jupiter
Nine of them orbit farther out, in a retrograde direction - that is, opposite to the direction of the giant planet's rotation. Valetudo is the name of Jupiter's great-granddaughter and a Roman goddess of health and hygiene, so it fits the bill.

Trump Reverses Summit Remarks, Saying Russia Meddled in Election
How many times have I stood up here and told you what I think about Vladimir Putin? "I don't see any reason why it would be". The President also seemed to show some deference to Putin's denial Monday. "I have confidence in both parties".

Israel adopts divisive Jewish nation-state law
Meanwhile, Joint (Arab) List MK Jamal Zahalka tore up a text of the bill to shreds from his Knesset podium. The city of Ma'ale Adumim, one of the largest Israeli settlements in the West Bank.

Teen victim of Malin Head drowning tragedy had been holidaying from Scotland
A third man in his 50's is in a stable condition in hospital following the rescue mission which occurred around 4pm yesterday. He was taken to Letterkenny University Hospital and released last night after treatment.

Chelsea and Liverpool to battle for Brazilian goalkeeper Alisson
Alisson, 25, has impressed in his two year's at Roma and has established himself as the Brazilian national team's No 1. Alisson is set to become Liverpool's fourth arrival of the summer after Naby Keita , Fabinho and Xherdan Shaqiri .

Ex-FBI chief Comey urges voters to support Democrats in fall
At a summit in Helsinki with the Russian president, Trump said, "I have President Putin; he just said it's not Russia". Comey himself later said he was "mildly nauseous" at the idea that he influenced the outcome of the election.