On Monday, U.S. President Trump, stated efforts to finish a U.S. trade war with China have been going effectively because the world’s two largest economies continued to battle over trade and politics around the globe despite heralding a long-awaited truce this month.
Trump last week stated he hopes that the middle of next month will sign the first part of a trade deal announced earlier in October.
U.S. Trade Representative Robert Lighthizer informed reporters the administration still aimed to finalize a deal on the first part of the agreement in time for the Asia-Pacific Economic Cooperation meetings in Chile on Nov. 16 and 17, however, stated there were still outstanding points to resolve.
Positive steps within the trade talks additionally didn’t stop China from looking for $2.4 billion in retaliatory sanctions towards the U.S. for non-compliance with a World Trade Organization ruling in a case dating to the Obama period.
WTO appeals judges had ruled in July that the U.S. didn’t fully comply with a WTO ruling and will face Chinese sanctions if it doesn’t take away specific tariffs that break the watchdog’s rules.
The WTO’s Dispute Settlement Body effectively gave Beijing the green light to seek compensatory sanctions in mid-August. The U.S. stated on the time that it didn’t view the WTO findings as valid and that the judges had applied “the incorrect legal interpretation in this dispute.”
The U.S. delegation on the WTO stated China stays the “serial offender” of the WTO’s subsidies agreement; however, U.S. officials in Geneva and Washington had no additional comment on the case on Monday.