China on Monday announced that it had filed a case at the World Trade Organization (WTO) against the United States following its implementation of the additional 15-percent tariffs imposed on 300 billion us dollars worth of Chinese imports on September 1.
The latest tariff actions violated the consensus reached by leaders of China and the United States in a meeting in Osaka, the Commerce Ministry said in the statement.
The lawsuit is the third Beijing has brought to challenge U.S. President Donald Trump's China-specific tariffs at the WTO, the worldwide organization that limits the tariffs each country is allowed to charge. -China Business Council said in its annual member survey that almost half of the respondents reported lost sales, primarily due to the implementation of tariffs. "Either way with consumerism 70-percent of the economy, it creates a concern that the economy may take a step back if this takes hold for a long period of time". Beijing will start collecting additional tariffs on the rest from December 15. The U.S. implemented tariffs worth 15 percent on a host of goods from China, a decision that was met with countermeasures.
"The Trump administration has shot Americans in the foot". -China Business Council, 17 percent of American companies operating in China said they reduced or stopped planned investment in the country in the past year.
A chunk of tariffs have already gone into effect starting this month, but it is also reported that about $160 billion worth of Chinese goods would see an additional 15% tariff applied from December 15.
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O'Rourke's plan would wipe out Trump's tariffs against China in exchange for Beijing ending tariffs on US imports.
China's economy has worsened under the weight of the trade war and the country's mounting debt problem. The offshore yuan pared some losses to trade at 7.1682 per dollar on Monday at 10:38 am in Beijing after the PBOC set the fixing rate stronger than all estimates.
It comes amid an ongoing trade spat with the Chinese government, whose adviser Wang Huiyao told CNBC "it's up to the U.S.to really go ahead and be flexible and not take a really harsh attitude on this".
Former Texas Congressman and current 2020 Democratic Primary hopeful Beto O'Rourke announced over the weekend his trade plan proposal that would end President Donald Trump's tariffs and trade war against China while adding new reforms for USA workers.
Unlike previous positive tweets from Trump regarding the trade war, Tuesday's offering didn't do much to stave off a massive morning sell-off.