The World Trade Organization has decided: The reciprocal tariffs between the USA and China violate WTO rules. However, there will not be much progress in this matter. The spiral in the trade war is now turning in completely different areas anyway – tariffs are "old school," and the focus is on capital movements and knowledge transfer.
By Amelie Richter
The EU Commission will present its long-awaited supply chain law on Wednesday – without an import ban on items produced with forced labor. The Chair of the Trade Committee in the European Parliament, Bernd Lange (SPD), is not happy about this. He now expects a separate EU law to ban such imports, which then simply has to be accepted by the Chinese. Lange speaks with Amelie Richter about the impact the supply chain law will have on trade with China.
By Amelie Richter
WTO News: Since China joined the WTO in 2001, the former developing country has risen to an important economic power. As a member, China uses its economic strength to enforce its interests. Read all the recent news about China and the WTO by the China.Table editorial team.
The WTO is one of the most important international organizations that, along with the IMF and the World Bank. It deals with the rules governing trade between nations and thus addresses trade and economic policy on a global scale. WTO is short for World Trade Organization.
The WTO was established in 1994 from the General Agreement on Tariffs and Trade and has its headquarters in Geneva, Switzerland. It has had 164 members since 2016.
China joined the WTO on December 11, 2001. At that time, the act of China joining the organization was closely knit to hopes of Western countries about an opening of the country as well as the transformation of China’s political system. However, more than 20 years later it has become apparent that this idea has not come to fruition. Instead, under Xi Jinping, the expansion of state intervention in China’s economy has increased significantly and China attempts to spread its political views throughout the world.
Internationally, China also demonstrates its newly won self-confidence and uses its economic strength as a member of the WTO to influence other states. Numerous states filed complaints against China in front of the organization. Many complaints are directed against China's classification as a developing country. Despite its rapidly growing economy, it thus benefits from unfair competitive conditions and is exempt from some regulations.
The latest disputes include the tariff dispute between Australia and China and the dispute over the trade embargo against Lithuania.
The WTO and China are important players in the global economy, yet China is facing numerous complaints and disputes. China.Table provides you with all the recent news.
