China hopes to resolve its dispute with the United States over taxes during the bilateral consultations requested by Beijing within the framework of the dispute resolution body of the World Trade Organization (WTO), the permanent mission of China to the WTO told.
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Earlier on Friday, the Ministry of Commerce of the People’s Republic of China reported that China had filed a lawsuit with the dispute settlement mechanism of the World Trade Organization (WTO) in response to “reciprocal” US duties and was imposing additional duties of 34% on all goods from the United States.
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“A request for consultation has been sent to the United States and the WTO secretariat. We certainly hope that we will be able to resolve the dispute with the United States through consultations, if possible,” the diplomatic mission replied.
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Earlier, US President Donald Trump announced the introduction of “reciprocal” duties on imports from other countries. The base minimum rate will be 10%, however, for each country, the tariff will be calibrated and will be half of what they charge companies importing American goods. At the same time, the duty on goods from the EU is 20%. According to Trump, this will be a “declaration of economic independence” of the United States and will help use “trillions and trillions of dollars” to pay off the national debt.
