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According To WTO Punitive Tariffs Imposed On China By The USA Violate The Rules
Punitive tariffs of up to 25 percent imposed on China by the USA violate the rules of the General Agreement on Tariffs and Trade (GATT), according to the World Trade Organization (WTO).
Yazar: Tom Roberts
Yayınlanma: 15 Eylül 2020 22:09
Güncellenme: 18 Eylül 2024 09:44
According To WTO Punitive Tariffs Imposed On China By The USA Violate The Rules
Punitive tariffs of up to 25 percent imposed on China by the USA violate the rules of the General Agreement on Tariffs and Trade (GATT), according to the World Trade Organization (WTO). This applies to the punitive tariffs imposed on Chinese goods in the amount of 200 billion dollars (169 billion euros) in 2019, said the WTO dispute settlement body in Geneva. The US did not adequately explain the need to protect its market from unfair competition through tariffs. The country is now being asked to "align its measures with its obligations".Washington had accused China of profiting from government funding and the theft of know-how. The panel pointed out that it did not draw any legal conclusions beyond the finding. Rather, the parties to the dispute would be encouraged to resolve their conflict bilaterally - as they have already initiated.
The Chinese government had lodged a complaint with the organization against the punitive tariffs from 2018. Both sides can now object to the assessment before a WTO appellate body. However, this has no longer had a quorum since December because the USA blocked the appointment of judges. The US government responded to the report with harsh words. US Trade Representative Robert Lighthizer described the WTO's steps against China's "unfair" trade practices as "utterly flawed". The US should have the right to defend itself.
Euro exchange rate suffers
Under President Donald Trump, the United States had triggered the trade war with China by imposing punitive tariffs since 2018. Hundreds of Chinese goods were put on a list. Beijing, for its part, responded with punitive tariffs on US goods. The trade war that has been simmering for years is not limited to the two adversaries, but also affects other parts of the world economy.
The WTO assessment put the euro under considerable pressure after some initial gains during the day. It is feared that trade relations between the US and China will now deteriorate further. The eurozone would suffer particularly as a result, as countries like Germany are heavily dependent on exports. The euro also often suffers from uncertainty, while the world's leading currency, the dollar, benefits from it. The common currency was priced at $ 1.1851 in afternoon trading. At noon it had risen to around $ 1.19. The European Central Bank (ECB) set the reference rate at 1.1892 (Monday: 1.1876) dollars. The dollar cost 0.8409 (0.8420) euros.
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