China has called for talks with the US at the World Trade Organization (WTO) after President Barack Obama imposed a 35% import tax on Chinese tires last week, the Wall Street Journal reported. China’s Ministry of Commerce accused the US of domestic trade protectionism following the tariff hike. Chinese officials told state media on Monday that the tire tariffs would affect the employment of 100,000 Chinese workers, while an official from the Chinese rubber industry said that US tariffs would cost China US$1 billion a year in exports. The American Chamber of Commerce in China also spoke out about the trade dispute on Monday, warning China and the US against "an escalation of restrictive trade measures that could undermine economic recovery in both nations." It urged both countries to solve their disputes at the WTO. Markets fell as investors acted on concerns that a new trade dispute between the US and China could hurt a fledgling global economic recovery. The trade spat also extended to US poultry producers; US trade groups warned that trade retaliation by China could hurt the poultry industry. China is the top export market for US chicken.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved