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China could demand sanctions against EU after winning WTO appeal

CHINA has won an appeal in a dispute at the World Trade Organisation over tariffs imposed by the European Union on Chinese imports of screws, nuts and bolts made of iron or steel, paving the way for Beijing to demand trade sanctions against the EU.

China could demand sanctions against EU after winning WTO appeal

CHINA has won an appeal in a dispute at the World Trade Organisation over tariffs imposed by the European Union on Chinese imports of screws, nuts and bolts made of iron or steel, paving the way for Beijing to demand trade sanctions against the EU.

China could demand sanctions against EU after winning WTO appeal
28 January 2016 - 00:33

China could demand sanctions against EU after winning WTO appeal

CHINA has won an appeal in a dispute at the World Trade Organisation over tariffs imposed by the European Union on Chinese imports of screws, nuts and bolts made of iron or steel, paving the way for Beijing to demand trade sanctions against the EU.

"The measures have negative effect on exports from China around US$1 billion and more than 100,000 jobs from thousands of fastener producers in China," China's Ministry of Commerce said in a statement, reported Reuters.

"It has resulted in huge economic losses to the Chinese industry, which has expressed strong dissatisfaction and firm opposition to the measures."

The EU must now comply with the ruling and remove its illegal tariffs or China would take "further steps," the statement said.

The value of China's exports of the products to the EU peaked at $1 billion in 2008, but averaged $200 million after the EU imposed punitive tariffs on the Chinese exports in 2009, according to a Reuters analysis of data from the International Trade Centre, a United Nations-WTO joint venture.

China says that it will have the right to "market economy status" from December 2016, 15 years after it joined the WTO, which will force the EU to take Chinese export prices at face value, or risk more WTO disputes from China. 

While Beijing says the designation should be automatic, a debate is brewing in the EU over whether to grant it.

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