China on Monday triggered a legal process for the WTO to hear Beijing’s challenge to US tariffs imposed on US$234 billion of goods, and berated the US for blocking the appointment of judges who could rule on it.
A Chinese trade diplomat told a WTO meeting that China wants an expert panel to adjudicate its complaint, launched in April last year.
The complaint seeks to block US tariffs imposed on Chinese imports in a trade dispute between the world’s two largest economies launched under US President Donald Trump.
“This is a blatant breach of the United States’ obligations under the WTO agreements and is posing a systemic challenge to the multilateral trading system,” China’s representative said, according to a transcript. “If the United States were free to continue infringing these principles without consequences, the future viability of this organization is in dire peril.”
The US from July 6 last year started imposing 25 percent additional tariffs on about US$34 billion of Chinese imports, and from Sept. 24 imposed 10 percent additional tariffs on about US$200 billion.
China has responded with tariffs on US goods.
The US official at the meeting said that China was using the WTO system as a shield for trade-distorting policies, and was damaging the world trading system through “grossly unfair and trade-distorting forced technology transfer policies and practices, and through this unfounded dispute.”
“It is China, and certainly not the United States, that is threatening the overall viability of the WTO system,” the US official said.
China’s case, like others launched recently, might soon become impossible to resolve because of US action that has halted the appointment of judges to hear appeals in trade disputes.
Washington says that judges have routinely broken WTO procedure and exceeded their mandate.
It reiterated its position at Monday’s meeting, while China and 70 other WTO members reiterated their call for the US to stop blocking the appointment of judges.
There are only three judges left on the WTO appellate body, the top court of world trade, and two are to step down in December. WTO rules require three judges to hear appeals.
China said that the US action to halt the appointment of judges was illegitimate, citing WTO rules that say: “Vacancies shall be filled as they arise.”
“If nothing is done, [we] will witness the shutdown of an organ that is at the heart of the WTO dispute settlement system. Time is of the essence,” Brazil’s representative told the meeting.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion