China to challenge US tariffs at WTO, offers for dialogue
BEIJING : China has announced plans to formally challenge the latest US tariffs through the World Trade Organization, the country’s commerce ministry confirmed it to Reuters on Sunday. In an official statement, Beijing has criticised the new trade restrictions, stating that they ‘’seriously violate’’ the regulations of WTO. The Chinese commerce ministry has appealed to Washington to engage in open dialogue and boost cooperation to prevent further economic crises.
The announcement comes in response to US President Donald Trump’s declaration to impose sweeping tariffs on key trade partners, including a 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese goods. The new trade curbs, slated to come into effect from Tuesday, have raised concerns among economists about the possibility of a long trade war. These measures could result in slow economic growth, contribute to rising inflation and disrupt the supply chains.
China offers diplomacy dialogue
While Beijing has taken a strong stand by challenging the tariffs at the WTO, it has indicated a willingness to engage in negotiations. The Chinese government is backing diplomatic solutions to ease tensions and restore stability in global trade.
Beijing’s commerce and finance ministers made the announcement but did not specify the measures that would be executed, but they did not immediately escalate the issue.
The new wave of tariffs follows Trump’s assertion that China must do more to curtail the flow of fentanyl into the US. The highly potent synthetic opioid has been a crucial issue in US-China disputes, with American officials blaming China for supplying chemicals used in the illegal production of the drug.
On the other hand, China has dismissed Trump’s claim, stating, ‘’Fentanyl is America’s problem’’. The Chinese Foreign Ministry highlighted Beijing has actively cooperated with Washington on anti-narcotics efforts and has attained ‘’remarkable results.’’ The statement is similar to the previous opinion of China on negotiations with the Biden administration. China was urged to take stronger action against fentanyl trafficking.
Filing a WTO lawsuit decision has been made with a broader strategy to challenge trade policies. A similar legal move was taken against the European Union’s tariffs on electric vehicles made by the Chinese.
Despite the ongoing tensions, Chinese officials have restated their opinion trade wars will not benefit anyone. As Trump’s tariffs on Mexico, Canada and China will come into effect from Tuesday, global markets are readying for the economic impact.