NowPakistan.com
Business

China may impose $3.58 billion in annual trade sanctions on U.S.

China may impose $3.58 billion in annual trade sanctions on U.S.: WTO panel

ZURICH (Reuters) – A World Trade Organization (WTO) panel said on Friday that China could slap compensatory sanctions on U.S. imports worth $3.579 billion annually for the U.S. failure to remove anti-dumping duties, a figure that was roughly half what China had sought.

The decision came as the world’s two biggest economies try to clinch Phase 1 of a trade deal. President Donald Trump and U.S. negotiators are “very optimistic” about concluding it, White House adviser Larry Kudlow said.

In the WTO ruling, a three-member arbitration panel said Chinese exporters suffered impairment to trade valued at $3.579 billion annually. China may now ask the WTO’s Dispute Settlement Body for a green light to impose the retaliatory tariffs on imported U.S. goods valued up to that amount each year.

Reporting by Stephanie Nebehay, editing by John Miller

Related posts

Global food prices hit 26-month high in November

News Editor

Nissan appoints new CFO, says some senior managers to leave in latest shake-up

News Editor

South Africa’s Absa PMI rises to 48.1 in October

News Editor