European Union appeals to China, Russia and US to “avoid chaos””

Gold. “Our trade adversaries are now targeting US brands that they think will tell the story of why Trump’s trade policy is a mistake” directly to his supporters.

World economic output would be 0.5 percent less in two years if the US follows through on all its tariff threats, other countries retaliate, and tightening financial conditions lower business investment, the International Monetary Fund predicts in an analysis released Wednesday. On Monday, China said that it filed a WTO challenge against those proposed us tariffs.

It said “The US measures are inflicting serious damage to the rules of the worldwide trade and undermining the legal rights and interests of the WTO members, including China”.

The US unilaterally launched a Section 301 investigation against China past year despite opposition from China and the global community.

The country has informed the WTO it plans to impose retaliatory measures on United States goods to the tune of 50 billion yen (395 million euros, $455 million), after failing to persuade Washington to exempt it from the tariffs.

International agencies like the International Monetary Fund (IMF), World Bank and the Organization for Economic Cooperation and Development, warned in recent weeks that the trade war would negatively impact international trade and growth, he said. The trade war [with the US] is absolutely not based on economic but political logic.

Steel imports now face a 25 percent tariff while aluminium imports face a 10 percent tariff, with the exception of those few countries who have negotiated other arrangements with the United States, or those companies which have been granted product-specific exclusions.

In the US, South American and Southeast Asian shrimp and tilapia exporters are best positioned to sell more there as Chinese imports become costlier.

Interestingly, this scenario of trade wars isn’t only limited to the United States and China but even India has imposed heavy tariffs on agriculture products imported by the United States during escalating tensions, although India has been vocal about protectionism.

Donald Trump, last month imposed tariffs on Chinese goods in what he said was protection against Beijing’s trade abuses.

The MOC spokesperson Gao Feng said the U.S. move violated the WTO principle about most-favored-nation treatment and binding tariff obligations, at a press conference.

The agreement was reached during the 20th China-EU leaders’ meeting.

Included in the products that the United States is now fighting trade disputes over are Argentinian textiles, Indian solar panels, and European cheese.

“If it [the trade war] continues, we will have to move our markets in other directions”, said a company representative surnamed Xie. The products are produced in the People’s Republic of China, an authoritarian Maoist communist world power.

China firmly believes that the authority and effectiveness of the multilateral trading system can be protected only by adhering to the global rules in the spirit of contract, Hua said.

“Josh has always said we need to see what kind of deal the President will get, but that he’s right to go after trade cheaters, like China, who have built their middle class on the backs of our own”, Ford said.