The US opposes granting market economy status to China.
The United States has officially notified the World Trade Organization (WTO) that it opposes granting market economy status to China.
The statement of opposition was filed by the Office of the US Trade Representative with the World Trade Organization and announced on November 30. This decision was made after the US Department of Commerce in October determined that China had failed to prove that it had market economy status in an anti-dumping case on aluminum foil.
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| So far, the US still opposes granting market economy status to China. Photo: Reuters |
The US proposal would hamper China’s bid to gain market economy status from the World Trade Organization, 16 years after it joined the body. Both the US and the European Union have opposed China’s bid, accusing the government of continuing to subsidize its economy.
China declared its non-market economy status after joining the World Trade Organization in 2001 expired in December 2016. As a result, China has asked World Trade Organization members to no longer have the right to substitute third-country prices in anti-dumping cases, which often result in high tariffs on Chinese steel, solar panels and other products.
The US's protest statement came amid rising trade tensions between the US and China after the Trump administration prepared a number of possible trade actions as well as an investigation into China's intellectual property violations.
The US Department of Commerce on November 28 opened the first anti-dumping and subsidy investigations launched by the US government in decades into imports of Chinese aluminum foil./.
According to VOV.VN
