Rabobank: US-China seafood trade war will benefit South America, Russia, Canada

Rabobank: US-China seafood trade war will benefit South America, Russia, Canada

The Ministry of Commerce on Thursday said that China's additional complaint filed to the World Trade Organization over U.S. plans to put tariffs on US$200 billion of Chinese products was "necessary to defend the basic principles of the WTO".

China has accused the United States of hurting the global economy by waging trade wars.

The chancellor added that: "It really is a multilateral interdependent system that at its best most likely is really a plurilateral win-win situation when we stick to the rules".

The Mexican government said in a statement that it will look at the United States request with the goal of answering it in the next 10 days.

President Donald Trump's campaign to slap tariffs on everything from Chinese steel to German cars could set off a shock to business confidence that takes a significant bite out of global output, according to an analysis by the International Monetary Fund.

Indeed, the president of the European Economic and Social Committee, Luca Jahier, while deploring USA tariff measures as divisive, told the South China Morning Post that existing rules and institutions both need improving.

Mexico said it would defend its retaliatory measures, saying the imposition of USA tariffs was "unjustified".

But the story won't end there. The Chinese side recently published a white paper entitled "China and the World Trade Organization", using facts and figures to make it clear that China has fully fulfilled its commitments in terms of goods tax reduction, service trade opening, import quotas and other non-tariff measures.

President Trump has said the China tariffs are meant to force Beijing to do more to prevent the theft of U.S. technology and intellectual property
President Trump has said the China tariffs are meant to force Beijing to do more to prevent the theft of U.S. technology and intellectual property

The US has warned it would levy $200 billion of Chinese imports with additional tariffs if Beijing continues to retaliate. The U.S. has said its tariffs were imposed on grounds of national security, saying it needs to strengthen its own steel and aluminum industry to ensure supplies to its military and infrastructure. The U.S. sighted "unfair trade practices" and China's theft of intellectual property as the reasons for these sanctions.

Kudlow said on Wednesday that Xi was "holding the game up".

Garment-maker Dongguan Xinyu Apparel Company, which mostly produces caps for export to the United States and Europe, is in no doubt about how damaging the tariffs could be, saying it would "definitely" have an impact on its business.

China firmly believes that the authority and effectiveness of the multilateral trading system can be protected only by adhering to the global rules in the spirit of contract, Hua said.

Hutchinson spoke Thursday while on the sidelines at the National Governors Association meeting in New Mexico.

"Relying more on fiscal policy to support domestic demand and defray the costs of the trade war is the wiser choice".

The report was released a day after the annual China-EU Summit in Beijing, where there were signs of progress on a bilateral investment treaty.

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