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Technology EU warns of WTO challenge if China-US deal creates 'distortions'

09:08  17 january  2020
09:08  17 january  2020 Source:   msn.com

Still hope for U.S.-China deal this year: U.S. official

  Still hope for U.S.-China deal this year: U.S. official Still hope for U.S.-China deal this year: U.S. officialHALIFAX, Nova Scotia (Reuters) - United States national security adviser Robert O'Brien said on Saturday that an initial trade agreement with China is still possible by the end of the year, but warned President Donald Trump would not turn a blind eye to what happens in Hong Kong.

The European Union will challenge the China - US trade agreement at the World Trade Organization if it creates " distortions " in the market that harm EU Under the deal , China agreed to import an additional 0 billion in US products over two years, above the levels purchased in 2017, including

The European Union said the preliminary U . S .- China trade agreement could violate World Trade EU Trade Commissioner Phil Hogan said his team will scrutinize whether China ’s pledge to increase “ We ’re not trigger-happy about taking cases to the WTO -- we don’t want to create that impression.

a man wearing a suit and tie: Nicolas Chapuis raised European Union concerns about the impact of the China-US trade deal on European firms© Clement Sabourin Nicolas Chapuis raised European Union concerns about the impact of the China-US trade deal on European firms

The European Union will challenge the China-US trade agreement at the World Trade Organization if it creates "distortions" in the market that harm EU companies, the bloc's envoy to Beijing said Friday.

Ambassador Nicolas Chapuis told reporters the 28-nation EU "will monitor the implementation" of the "phase one" deal that was signed on Wednesday by President Donald Trump and Chinese Vice Premier Liu He.

"In our opinion, quantitative targets are not WTO-compatible if they lead to trade distortions," Chapuis said. "If it were to be the case, we will go to the WTO to settle this matter."

China maintains tariffs must be reduced for phase one trade deal with U.S.

  China maintains tariffs must be reduced for phase one trade deal with U.S. China maintains tariffs must be reduced for phase one trade deal with U.S."The Chinese side believes that if the two sides reach a phase one deal, tariffs should be lowered accordingly," ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication.

The European Union could challenge the new U . S .- China trade deal at the World Trade Organization if it determines the agreement violates its trading rights, EU Trade Commissioner Phil Hogan said today. " We haven't analyzed the document in detail, but we will

The European Union ’s new trade chief pulled no punches on an inaugural visit to Washington, saying President Donald Trump’s tariff threats amount to short-sighted electioneering and warning him about widespread economic damage from protectionism.

He said that during a meeting at the Chinese foreign ministry, he was given "formal assurances that in absolutely no way would European businesses be affected by the US-China deal".

The WTO's principle of most-favoured-nation treatment says countries cannot discriminate between trading partners.

Under the deal, China agreed to import an additional $200 billion in US products over two years, above the levels purchased in 2017, including an additional $32 billion in agricultural goods.

Beijing also pledged to improve protections of US intellectual property.

The US has pledged to slash in half tariffs of 15 percent that were imposed on about $120 billion worth of Chinese consumer goods such as clothing in September.

China says in touch with U.S. on signing of Phase 1 trade deal

  China says in touch with U.S. on signing of Phase 1 trade deal China says in touch with U.S. on signing of Phase 1 trade dealThe Phase 1 deal was announced last week after more than two years of on-and-off trade talks, although neither side has released many specific details of the agreement.

The Chinese and European economies have benefitted tremendously from China ’s accession to the WTO in 2001. This showcases that rules-based multilateral trade is the best enabler for economic development. The WTO was created as a body governing multilateral rules-based trade that would

" We urge the EU to strictly respect WTO rules," said foreign ministry spokeswoman Hua Chunying The commission has to establish the existence of distortion due to state interference through China and the EU have been at odds on trade . With the backdrop of US president Donald Trump's "America

But punitive border taxes will remain on two-thirds of more than $500 billion in imports from China.

Paul Tan of Rajah & Tann law firm in Singapore, who specialises in international dispute resolution, told AFP the deal "may not violate WTO rules because the type of goods being bought from the US could be different from other countries', or even unavailable".

"I don't think the trade deal reversed the increase in tariffs on US goods after the trade war broke out, for example, so I doubt this could be read as more preferential treatment," he said.

China's agreement to buy more from the US in effect cushions some of the impact from increased tariffs over the past two years, he added.

He noted, however, that such bilateral trade deals seem to be the US administration's preferred method of developing economic relations with its major trading partners, rather than through the WTO -- meaning further trade disputes with the US will have to be resolved outside the global trading system.

Kerstin Braun, president of Stenn Group, said on Thursday: "With a weakened WTO and the general trend away from multilateral trade agreements, we’re only going to see more trade squabbles."

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PM creates COVID-19 cabinet committee to deal with novel coronavirus .
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