Published: Fri, August 17, 2018
Finance | By Cynthia Curry

Trump claims tariffs on foreign nations will rescue United States steel industry

Trump claims tariffs on foreign nations will rescue United States steel industry

China's government says it has filed a challenge to a us tariff hike on solar panels in the World Trade Organization, adding to its sprawling trade dispute with President Donald Trump. The U.S. president has recently threatened more tariffs on Canada's auto industry.

"As the USA measures severely damaged Chinese trade interests, China's choice to resort to the WTO dispute settlement mechanism is a necessary move to safeguard its legitimate rights and interests and multilateral trade rules", a spokesperson with the ministry said.

He also brought up one of his past greatest hits, tariffs, writing that the United States was "built on Tariffs, and Tariffs are now leading us to great new Trade Deals" (capitalization his, not ours).

Beijing said the United States measures are suspected of violating trade rules and that it would turn to the WTO's dispute resolution mechanism to protect its interests.

China has tried to portray itself as a defender of the WTO-based trading system.

Dollar hits another 13-month peak over Turkey concerns
For one more time, Erdogan called on Turks to convert USA dollars into lira in order to "maintain the dignity" of the currency . Erdogan, rejecting economic fundamentals as the cause of lira weakness, said Turkey was the target of an economic war.

Both the safeguard and the subsidies "have seriously damaged China's trade interests", said the spokesperson, before adding: "We urge the USA to take concrete actions, respect the rules of the WTO, and abandon the wrong practices so that the relevant trade can be restored to normal track". If it fails, the case will go to a panel of experts to decide whether the trade controls are illegal.

In their technology dispute, Washington imposed 25 percent duties on $34 billion (3.8 trillion yen) of Chinese goods it said benefit from improper industrial policies. One Chinese executive told Reuters that US solar tariffs were a "sideshow" and had little effect on Chinese business.

The Trump administration is due to impose similar increases on an additional $16 billion of Chinese imports on Tuesday.

After the application of these first taxes, China responded with a package of tariff countermeasures of equal weight to products of the North American nation.

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