CHINA has approached the World Trade Organisation seeking approval to apply sanctions worth US$7 billion a year on the United States on grounds of failure to meet the conditions of an anti-dumping ruling, Reuters reports
CHINA has approached the World Trade Organisation seeking approval to apply sanctions worth US$7 billion a year on the United States on grounds of failure to meet the conditions of an anti-dumping ruling, Reuters reports. The move revives a disagreement started in 2013 when the US placed anti-dumping duties on Chinese exports in sectors such as metals, minerals and electronics, costing China up to $8 billion a year.
The petition made to the WTO cited China's own data which put the damage of the duties at $7.04 billion annually. Beijing, in response, wishes to slap sanctions of the same value on the US, as stipulated under WTO regulations.
The issue was raised during a dispute in 2016, which China won, that accused the US of using an unfair means of calculating the dumping levels by Chinese exporters. The process, known as 'zeroing', was deemed illegal by the WTO.
