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Thursday, 21 January 2021

U.S.-China trade tensions still simmer after deal

Duration: 01:23s 0 shares 1 views
U.S.-China trade tensions still simmer after deal
U.S.-China trade tensions still simmer after deal

The world's two biggest economies have announced an early-stage trade deal that has dialed down the rhetoric but tensions remain.

Jillian Kitchener has more.

China and the United States may have announced a tentative trade deal earlier this month but there are still trade tensions simmering beneath the surface.

A published document revealed on Monday that China is seeking $2.4 billion in retaliatory sanctions against the U.S. for not sticking to a World Trade Organization ruling in a tariff case that dates back to the Obama era.

A U.S. delegation at the WTO had no comment on China's decision.

Beijing went to the WTO in 2012 and won concessions in a challenge to U.S. anti-subsidy tariffs on Chinese exports including solar panels, wind towers, and other metal related objects.

The U.S. has since refused to comply with the WTO ruling to remove those tariffs, calling Beijing a "serial offender" of the agreement.

Meanwhile, U.S. Commerce Secretary Wilbur Ross is throwing doubt on when that trade deal announced earlier this month will be signed.

Ross told the Fox Business Network on Monday: The deal doesn't have to be signed in November.

That differs from what President Trump has said, even as late as Friday.

He wants to have the final details hammered out so he and President Xi Jinping can sign the trade war truce when both attend the Asia-Pacific Cooperation meetings in November.

Ross said getting the right deal signed is more important than when it is signed.


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