THE US declared that new trade tools are needed to confront China, focusing on China's failed promise to pursue market-oriented policies that it made to join the World Trade Organisation (WTO), reports Bloomberg News
THE US declared that new trade tools are needed to confront China, focusing on China's failed promise to pursue market-oriented policies that it made to join the World Trade Organisation (WTO), reports Bloomberg News. The Biden administration feels China's state-led model has increased with time, harming American companies and workers.
'China has not moved to embrace the market oriented principles on which the WTO and its rules are based, despite the representations that it made when it joined 20 years ago,' said US Trade Representative Katherine Tai.
'It is clear that in pursuing that approach, China's policies and practices challenge the premise of the WTO's rules and cause serious harm to workers and businesses around the world, particularly in industries targeted by China's industrial plans.'
The Biden administration wants the WTO to adopt a joint statement on the importance of market-oriented conditions for fair trade, a contrast to non-market economic practices, with the goal of shaping future WTO reform discussions.
The world's two largest economies have engaged in a trade war since 2018 and reached a trade deal in early 2020 to ease tensions.
SeaNews Turkey
