The World Trade Organization (WTO) described recent discussions on trade tensions between the U.S. and China as \"constructive\", even after China criticized U.S. tariffs as \"tariff shocks\" that could disrupt the global trading system. 🌍📈
At a WTO meeting in Geneva on Tuesday, China condemned the sweeping 10% tariffs imposed by U.S. President Donald Trump on all Chinese imports. In response, China introduced its own tariffs and filed a WTO dispute against the United States, marking an early test of Trump's approach toward the WTO.
Six countries participated in the talks: Malaysia, Namibia, Nicaragua, Russia, Trinidad and Tobago, and the U.S.. WTO spokesperson Ismaila Dieng highlighted that while these nations are concerned about rising tensions, they emphasized the need for restraint and the importance of upholding WTO principles to maintain the stability and effectiveness of the global trading system.
This meeting was significant as it was the first time that escalating trade frictions were formally placed on the agenda of the WTO's top decision-making body, the General Council.
China's ambassador to the WTO, Li Chenggang, stated, \"These 'tariff shocks' heighten economic uncertainty, disrupt global trade, and risk domestic inflation, market distortion, or even global recession.\" He added that U.S. unilateral actions threaten to undermine the rules-based multilateral trading system.
In retaliation, U.S. envoy David Bisbee criticized China's economic practices, labeling its economy as a \"predatory non-market economic system\" and accusing China of violating WTO rules.
The Trump administration has hinted at withdrawing from other global organizations, though the WTO hasn't been a primary focus yet. Incoming U.S. Trade Representative Jamieson Greer has already described the WTO as \"deeply flawed.\"
Reference(s):
'Constructive' WTO talks after China condemns Trump's 'tariff shocks'
cgtn.com
