China has officially lodged a complaint with the World Trade Organization (WTO) in response to the United States' recent announcement of an additional 10% tariff on select products from the Chinese mainland. This move, announced by the U.S., has sparked significant tension between the world's two largest economies.
According to a spokesperson from China's Ministry of Commerce, the decision to file the complaint aims to protect China's legitimate rights and interests. The spokesperson criticized the U.S. tariff increase as a direct violation of WTO rules, labeling it an act of unilateralism and trade protectionism.
\"The United States' imposition of additional tariffs on products from the Chinese mainland severely undermines the rules-based multilateral trading system and disrupts global industrial and supply chains,\" the spokesperson stated. This action, they added, not only erodes the foundation of economic and trade cooperation between China and the U.S. but also destabilizes the global market.
China has emphasized that the U.S.' repetitive prioritization of unilateral actions over multilateral agreements has drawn strong condemnation from the majority of WTO members. In response, China firmly opposes the U.S. actions and urges immediate rectification.
As a steadfast supporter and significant contributor to the multilateral trading system, China expressed its readiness to collaborate with other WTO members to confront the challenges posed by unilateralism and trade protectionism. The goal is to safeguard the orderly and stable development of international trade, ensuring a balanced and fair global market for all participants.
This escalating trade conflict holds substantial implications for global markets, businesses, and consumers worldwide. As supply chains become increasingly interconnected, actions taken by major economies like the U.S. and China can ripple across the globe, affecting everything from product prices to economic growth.
Reference(s):
cgtn.com
