China, EU Lambast United States For Miring WTO In Crisis

The United States came under fire from China and the European Union on Monday, accused by both major trading partners of taking protectionist measures and bringing the World Trade Organization (WTO) to its knees. Japan, Switzerland and Canada also criticised Washington, but U.S. trade ambassador Dennis Shea charged that China’s “unfair competitive practices” were harming foreign companies and workers in violation of WTO rules, and he vowed to lead reform efforts at the watchdog. President Donald Trump’s administration says the WTO is dysfunctional because it has failed to hold China to account for not opening up its economy as envisaged when Beijing joined in 2001. Shea drew a rebuke from Chinese envoy Zhang Xiangchen who said U.S. tariffs on steel and aluminium products had allowed protectionism under the guise of dubious national security concerns. “The multilateral trading system is in a deep crisis and the United States is at its epicentre,” said EU ambassador Mark Vanheukelen The heated words were exchanged at a review of U.S. trade policies, held every two years.

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fair trade with has more benefits than the status quo.

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Dark clouds.

"Trade frictions between China and the United States are already affecting business confidence and investment in Asia," a senior International Monetary Fund official said, warning that the fund could further cut its global growth forecasts in January

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China complaining about trade practices is a bit rich.

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