China defends WTO in face of Trump rebuke

Image
AFP Beijing
Last Updated : Mar 02 2017 | 9:42 PM IST
China said today it will continue to support the "open and unbiased" World Trade Organisation (WTO) in a statement that came on the heels of an announcement by President Donald Trump's administration that the US is not bound by the group's rulings.
The world's second largest economy is seeking to position itself as a defender of the international trade system in response to a rising tide of protectionist sentiment personified by the billionaire politician.
Trump has repeatedly argued that Washington is better off pursuing country by country agreements rather than working within a global regime.
"China would like to work with all WTO members to ensure that the WTO can play an important role in global trade and to ensure that the WTO can play a constructive role in international cooperation," foreign ministry spokesman Geng Shuang told reporters during a regularly scheduled press briefing.
He added that maintaining and improving the "open and unbiased multilateral trade regime is conducive to improving world economic development".
The statement came in response to a question about a letter sent from the United States Trade Representative to the US Congress yesterday arguing that "Americans are not directly subject to WTO rulings".
The text -- entitled "The President's 2017 Trade Policy Agenda" -- also says Trump's government "will aggressively defend American sovereignty over matters of trade policy".
Since 1995, the WTO's dispute settlement system has heard more than 500 cases centred on whether countries have broken agreed trading rules in areas including subsidies, customs and tariffs.
The WTO cannot punish countries that do not abide by rulings, but can authorise retaliatory measures.
Under President Barack Obama, the US brought at least 16 trade complaints against China, arguing that Beijing's policies on goods ranging from chicken to aluminium broke the organisation's rules.
China has also often voiced its own complaints to the group.
Trump has accused China of being a free-rider in the international system, saying its unfair trade policies have cost the US tens of thousands of jobs and threatening to slap Beijing with massive tariffs of up to 45 percent.
In a White House meeting with US manufacturing moguls last week, Trump pointed to the WTO as a major factor in the US losing out to Beijing, saying that "70,000 factories closed since China joined".

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Mar 02 2017 | 9:42 PM IST

Next Story