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China: U.S. Has “Severely Damaged” the Multilateral Trade System | KRVN Radio

China: U.S. Has “Severely Damaged” the Multilateral Trade System

China: U.S. Has “Severely Damaged” the Multilateral Trade System

Steel and aluminum tariffs crafted by the Trump administration based on national security have “severely damaged” the multilateral trade system, according to officials from China.

In a translated news release, a Chinese trade official says the nation will take legal actions through the World Trade Organization to “maintain the stability and authority” of multilateral trade. The comment came late last week as China announced a list of 128 products to target in retaliatory measures, including U.S. soybeans and pork. China made a World Trade Organization filing Monday to seek consultations regarding the issue.

China calls the move by the U.S. a “safeguard measure” as outlined in WTO rules. Being the two biggest economies in the world, China says the U.S. and China must “focus on cooperation” to promote trade relations between the two countries.

The first flight of tariffs from China focuses on fruit, wines and ethanol, among other products, worth an estimated $1 billion. The second flight, should China move forward, covers pork, recycled aluminum, and other products.

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