Trump Trade War- China vows to adopt countermeasures

China foreign ministry says trade war has become biggest 'confidence killer' for world economy

However it says retaliatory duties on U.S. exports imposed by China, the EU, Canada, Mexico and Turkey are completely without justification under worldwide rules.

In a report on Tuesday, Renmin University's National Academy of Development and Strategy also said China should increase the dependence of multinationals on the Chinese market "by importing their products to China or enabling their localised production and sales" as another way to counterbalance the unilateralism of US President Donald Trump.

China has previously prevailed in WTO dispute settlement against the United States in a successful challenge to restrictions on steel imports imposed under President George W. Bush in 2003.

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".

If a USA trading partner wants to go through the WTO's dispute settlement process, it can make a "request for consultations" that would start a 60-day period to talk about the issue.

Republican North Dakota Gov. Doug Burgum said soybean growers in his state have an enormous stake in the USA trade confrontation, as commodities markets recoil from the threat of retaliatory tariffs.

The spokesperson for the Asian Foreign Ministry, Hua Chunying thus answered the statement made by U.S. Vicepresident, Mike Pence, who accused Beijing of imposing tariffs three times higher than those applied by Washington to articles from China.

But the story won't end there.

The World Trade Organization is considering a challenge by China against the latest US tariff proposal.

The country's previous complaint came after the United States slapped levies on Chinese goods worth US$34 billion.

China's economic growth slowed in the second quarter of 2018 as the trade war with the US intensified, according to Reuters.

"We have noted relevant reports".

"These tariffs appear to breach each WTO member's commitments under the WTO Agreement".

A number of countries have retaliated with levies on USA goods and some have filed complaints against United States tariffs with the World Trade Organization.

Speaking at a news conference, he said: "If China wishes to open up, it can do so". "We have a lot of direct investment in the United States of America; we have a lot of direct investment in China".

From the National Association of Farm Broadcasting News Service.

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

"I urge you and your trade representatives to understand the plight of businesses struggling during this period of extreme uncertainty and do everything in your power to return certainty and stability to global markets", the Wisconsin Republican said. But the larger question is why are the national governments in the era of globalization resorting to protectionism?

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