Sector News

China files complaint with WTO on US tariffs

September 4, 2019
Chemical Value Chain

China has filed a complaint with the World Trade Organization (WTO) on US tariffs on $300bn of Chinese goods that kicked in on 1 September for the first batch of products, the Chinese Ministry of Commerce said late on Monday.

“The US move severely violates consensus reached between leaders of the two countries in Osaka. China is strongly dissatisfied and firmly opposes,” the ministry said in a statement.

China will firmly safeguard its legitimate rights and interests and resolutely defend the multilateral trading system and international trade order in accordance with relevant WTO rules, it added.

In retaliation to the US move, China has slapped tariffs on $75bn of US imports in two tranches, effective on the same dates as those of the US’ – on 1 September and 15 December.

By Fanny Zhang

Source: ICIS News

Related News

April 9, 2020

Global chem trade flows shift to Asia as pandemic causes demand collapse in the West

Chemical Value Chain

Asia may end up as a dumping ground for many chemicals from the world over, as US and European markets slump and economies slide into recession. With demand drying up […]

April 7, 2020

ExxonMobil reduces 2020 capex by $10 billion

Chemical Value Chain

ExxonMobil will reduce 2020 capital spending by 30% and lower cash operating expenses by 15% in response to low commodity prices resulting from oversupply and demand weakness from the coronavirus […]

April 7, 2020

Air Liquide enters exclusive talks with EQT for Schülke sale

Chemical Value Chain

Air Liquide says it has entered into exclusive negotiations with private equity firm EQT (Stockholm, Sweden) for the potential sale to EQT of its wholly owned subsidiary Schülke & Mayr […]