{"id":28448,"date":"2017-11-30T07:45:34","date_gmt":"2017-11-30T12:45:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28448"},"modified":"2017-11-30T07:45:34","modified_gmt":"2017-11-30T12:45:34","slug":"it-could-reshape-the-global-trading-system-for-decades-us-rejects-chinas-bid-market-economy-status","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28448","title":{"rendered":"“It Could Reshape The Global Trading System For Decades” – US Rejects China’s Bid “Market Economy” Status"},"content":{"rendered":"

“It Could Reshape The Global Trading System For Decades” – US Rejects China’s Bid “Market Economy” Status<\/a><\/h3>\n
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The US has filed a legal submission to the WTO as a third party, intervening in a case that China has brought against the European Union. The US rejects China\u2019s argument that under the 2001 agreement, which confirmed China\u2019s WTO status, it would should automatically be considered a \u201cmarket economy\u201d fifteen years after joining<\/strong>. The dispute could affect both America’s and China\u2019s future within the international body and, as the New York Times contends, \u201cshape the global trading system for decades to come.\u201d It goes without saying that this will only ratchet up the current tensions between the US and China over trade, which has been a cornerstone of Trump\u2019s rhetoric since he launched his election campaign.<\/p>\n

Briefly, the US submission sets out the legal arguments explaining why China should not be designated as a market economy, which would give it preferential treatment under existing WTO rules. China is currently designated a \u201cnonmarket economy\u201d which allows the US, EU and other countries to decide whether China is dumping products at unfair prices under a WTO framework. If they decide that China is dumping, countries can add an extra duty to protect domestic manufacturers.<\/p>\n

According to the Financial Times<\/a>, “the Trump administration has opposed China\u2019s bid for recognition as a \u201cmarket economy\u201d in the World Trade Organization, citing decades of legal precedent and what it sees as signs the country is moving in the opposite direction under Xi Jinping. <\/strong>The US opposition to China\u2019s efforts to be recognised as a market economy in the WTO came in a legal submission due to be released on Thursday in a case brought by Beijing against the EU. Market economy status would make it more difficult for the US to prove anti-dumping cases against Chinese companies at the WTO.”<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

“It Could Reshape The Global Trading System For Decades” – US Rejects China’s Bid “Market Economy” Status The US has filed a legal submission to the WTO as a third party, intervening in a case that China has brought against the European Union. The US rejects China\u2019s argument that under the 2001 agreement, which confirmed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,284,4008,827,5854,4318],"class_list":["post-28448","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-european-union","tag-market-economy","tag-united-states","tag-world-trade-organization","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28448"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28448\/revisions"}],"predecessor-version":[{"id":28449,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28448\/revisions\/28449"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}