Markets

China unperturbed by trade war at the street level - Reuters Poll

China unperturbed by trade war at the street level - Reuters Poll

Washington announced in January that it was imposing what it called safeguard tariffs over four years a 30 percent tariff in the first year which would be reduced gradually to 15 percent in the fourth year.

China has blasted U.S. tariffs on solar panel imports, filing a complaint at the World Trade Organization in the latest salvo of the trade battle between the world's two economic giants.

In a 20-minute interview with the newspaper, Trump said some people may complain that steel prices may be "a little more expensive" in the short term because of the tariffs, but that ultimately they will drop.

A spokesperson for China's Ministry of Commerce said in a statement that Trump's subsidy policy gives the United States renewable energy industry an unfair competitive advantage and damages the rights and interests of Chinese sector players.

"While taking protectionist measures against imported photovoltaic products, the U.S. provided subsidies to domestically produced photovoltaics and other renewable energy products", the ministry said in a statement.




The Trump administration previously defended the tariffs on solar cells and modules as being in line with WTO rules.

In response, South Korea, one of USA major sources of washing machine imports, said it will "actively respond to US trade protectionism".

Washington took action under a 1974 USA law instead of through the WTO. "Other Countries should not be allowed to come in and steal the wealth of our great United States of America".

"I don't think the complaint is necessarily a good thing for Chinese solar industry since it adds more uncertainties to the big (trade) war", he added. At the same time, the European Union lodged its own WTO complaint in June against China's technology policies, which it said violated Beijing's free trade commitments. If it fails, the case will go to a panel of experts to decide whether the trade controls are illegal. Beijing says it will retaliate. Beijing responded with similar penalties.


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