BEIJING: China said an increasingly protectionist United States was breaking World Trade Organization rules as part of ongoing commercial disputes.
The violation of WTO regulations has come about in the process of anti-dumping and anti-subsidy investigations launched by the United States against five product categories, Vice Commerce Minister Gao Hucheng said Thursday.
“Investigations and measures undertaken by the United States will lead to double taxation,” Gao told a briefing in Beijing. “You can’t do that according to WTO rules.”
The five categories—including items such as art paper, steel pipe and tires—have been targeted in the period since November, a frequency rarely seen in contemporary global trade, Gao said.
He did not explain how the US investigations would lead to double taxation of the products.
“This will directly impact $860 million of exports, the activities of over 500 enterprises and the jobs of 70,000 people,” he said.
The commerce ministry held the briefing at a time of intensifying Sino-US trade disputes, fuelled by recent findings that a wide range of Chinese exports are unsafe materials.
The enormous trade imbalance between the two countries is also a consistent cause of concern in the United States. The US trade deficit with China hit $232.5 billion last year, according to official US figures.
“The exchanges and cooperation between China and the US have reached a very high level in trade, investment and finance,” the commerce ministry said in a statement released before the press conference.
“But we have also noticed that some discordant notes have appeared in the China-US trade and economic relationship since this year.” --AFP
http://www.manilatimes.net/national/2007/aug/24/yehey/china/20070824ch1.html
3 comments:
We need a new President. China needs to sit down and make some agreements about trade with the US. Right now our President is drunk and on drugs. China will more likely talk to other countries about trade as wait until the US gets an educated honest President.
ya, china's stock market is wide open to foreign investment!!!
"The enormous trade imbalance between the two countries is also a consistent cause of concern in the United States."
Also finding a way to double tax, and a "lot of discordance notes in
trade and economic relationship" This administration makes it's own rules, it's bad enough in this country but now with the WTO, come on this administration is out of control and this is going to hurt them with other foreign relations.
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