Chinese president eyes closer China-EU partnership

Pauline Gross
July 17, 2018

China announced today that it filed a World Trade Organization (WTO) challenge to Trump's proposal for a tariff hike on Dollars 200 billion of Chinese goods.

Trump told CBS's Face the Nation on Sunday that "I think the European Union is a foe, what they do to us in trade", adding Russian Federation was also an enemy in some respects and that China was an economic foe.

Hua said that in December 2017, a report by the World Intellectual Property Organization (WIPO), a United Nations agency, concluded that China's State Intellectual Property Office had received 1.3 million patent applications, making it the world's highest number.

Long accused of protectionist tactics that make it a hard place for foreign firms, China is trying to reverse that narrative amid the escalating trade war by approving huge investments, such as a $10-billion petrochemicals project by Germany's BASF. "It knows how to open up".

"This is why I am calling on our Chinese hosts, but also on presidents Trump and Putin, to jointly start this process from a thorough reform of the WTO (World Trade Organisation)", Mr Tusk said.

Today we are facing a dilemma: "whether to play a tough game such as tariff wars and conflicts in places like Ukraine and Syria, or to look for common solutions based on fair rules", Tusk said.

He said there was still time to prevent conflict and chaos.

Critics of Beijing's policies say foreign firms are competing with Chinese rivals backed by massive, market-distorting subsidies and government support, issues not sufficiently addressed under WTO rules.

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China has said it will retaliate if Washington goes through on its tariff threats.

Both the European Union and China are committed to multilateralism, upholding the rule-based global order, handling worldwide relations on the basis of mutual respect, and improving multilateral trade system through multilateral consultations, according to the European Union leaders.

"The actions taken by the president are wholly legitimate and fully justified as a matter of U.S. law and global trade rules", U.S. Trade Representative Robert Lighthizer said in a statement.

Precisely at the preparatory meeting of this Summit, China and the European Union expressed opposition and committed to join forces against the increase of protectionist measures if persisting, could unleash a recession.

To an Airbus representative, he was even more helpful: "Whatever problems you have, we will solve them", Li said. He reiterated pledges that China would significantly improve market access for foreign companies, reduce tariffs and seek more balanced trade with the EU.

In a separate development on Monday, the International Monetary Fund warned that growing trade restrictions were "the greatest near-term threat" to the world economy, amid projections for slower growth in Germany, France, Japan and China.

The Trump administration has criticized the WTO for encroaching on USA legal sovereignty and failing to rein in China's alleged violation of global trading rules.

Other reports by GizPress

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