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.
