The Trump administration has confirmed it rejects China’s bid to be considered a market economy in the World Trade Organization, making it subject to more onerous trade penalties. In a 41-page legal document presented to the WTO, the US Trade Representative defended its right to consider China a
Washington (AFP) – The Trump administration has confirmed it rejects China’s bid to be considered a market economy in the World Trade Organization, making it subject to more onerous trade penalties.
In a 41-page legal document presented to the WTO, the US Trade Representative defended its right to consider China a non-market economy when ruling on how to handle a flood of cheap imports from the manufacturing behemoth and protect domestic industry.
The European Union and Japan, among others, also reject China’s bid for recognition as a market economy in the WTO. The recognition was expected to kick in a year ago, 15 years after China joined the trade body.
The US position was presented in support of the European Union in a WTO dispute with China over the issue.
An outraged Beijing called the analysis a „serious distortion of the actual situation in China.“
„China urges the United States to earnestly fulfill its international obligations and take practical actions to correct its wrongdoings,“ China’s Ministry of Commerce said, warning that „China will take the necessary measures to safeguard the legitimate rights“ in the WTO.
