China is firing back at the U.S. over the latest round of tariffs on Chinese imports, filing an official complaint with the World Trade Organization.
The Chinese Commerce Ministry announced its legal case following new United States tariffs on billions of dollars of Chinese goods that went into effect Sunday, with the U.S. charging 15 percent tax on about $112 billion of imports, according to Reuters.
(Video: Fox News)
President Trump indicated that U.S.-China trade talks remain on the calendar for September but that “we can’t allow China to rip us off as a country.”
China responded by imposing taxes of 10 percent and 5 percent on certain American goods, as well as a new duty on U.S. crude oil, as the trade war between the two nations continues to escalate. A second set of U.S. tariffs is set for December on about $160 billion of imports.
“The US taxation measures are seriously contrary to the consensus of the heads of state of the two countries in Osaka. China is strongly dissatisfied and resolutely opposed,” China’s Commerce Ministry said in a statement. “In accordance with relevant WTO rules, China will firmly safeguard its legitimate rights and interests and resolutely defend the multilateral trading system and the international trade order.”
China filed its complaint, the third it has brought against the U.S. to the WTO, alleging that the latest U.S. tariffs are a violation of President Trump and Chinese President Xi Jinping’s agreement at the G20 summit in Osaka in June.
But the U.S. has pointed to China’s theft of intellectual property, an area not covered by WTO rules.
“China has taken the unilateral decision to adopt aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners; the United States has adopted tariff measures to try to obtain the elimination of China’s unfair and distortive technology-transfer policies,” the U.S. wrote in a published defense Friday of the first of the three legal cases.
The statement noted that China chose not to address concerns directly but to retaliate by imposing its own tariffs “in an effort to maintain its unfair policies indefinitely.”
The U.S. will have 60 days to respond to the latest case brought to the WTO, the intergovernmental organization which regulates international trade.
According to Forbes:
Retailers have been left with little choice but to pass the growing cost of Chinese-imported goods to consumers. University of California research cited by the BBC estimates that by the time all new tariffs are imposed by December, it could cost U.S. households an extra $800 a year.
On Tuesday, Trump warned that things would get “tougher” for China if he is reelected in 2020, urging them to cooperate right now.
We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year),16 months PLUS is a long time to be hemorrhaging jobs and companies on a long-shot….
— Donald J. Trump (@realDonaldTrump) September 3, 2019
….And then, think what happens to China when I win. Deal would get MUCH TOUGHER! In the meantime, China’s Supply Chain will crumble and businesses, jobs and money will be gone!
— Donald J. Trump (@realDonaldTrump) September 3, 2019
He also called out others who allowed the U.S. to be “taken to the cleaners” by China in another tweet.
For all of the “geniuses” out there, many who have been in other administrations and “taken to the cleaners” by China, that want me to get together with the EU and others to go after China Trade practices remember, the EU & all treat us VERY unfairly on Trade also. Will change!
— Donald J. Trump (@realDonaldTrump) September 3, 2019
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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