The world’s top two economies launched a raft of consultations on Wednesday, on anti-dumping measures taken by the US against 22 Chinese export products.
While there is so far no news about any concrete outcome, both parties have promised to respect the rules set up by the World Trade Organization, and correct any possible misconduct.
China and the US started a two-day consultation on Wednesday over anti-dumping and countervailing measures imposed on Chinese exports.
22 product categories, including steel, solar cells and wind turbine towers, are covered during the talks. The total trade value of these products is about 7.3 billion U.S. dollars.
Shen Danyang, spokesman of MOFCOM, said, “China has paid and will continue to pay respects to the WTO rules. We oppose any form of trade protections. And our stance and attitude is consistent.”
With the US presidential election drawing nearer, the world’s largest economy has been ramping up its trade protection methods since 2011. Analysts say the US has shifted its attention back to the healthy development of its domestic economy, so foreign product makers might suffer upgrading frictions.
Figures show that under the WTO mechanism, the US has received more than 116 complaints from countries including Japan, South Korea and India since the establishment of GATT, the General Agreement on Tariffs and Trade. More than half of them are against the US trade remedy measures.
Despite the rising of Sino-US trade tensions, analysts say mutual interests between the two countries shall come on top of those differences.
Henry Paulson, former US Treasury Secretary, said, “Mutual interests, I believe China’s exports investment is good for the US economies.”
Based on the WTO’s dispute settlement procedures, if the two countries fail to achieve a consensus within 60 days after the request of consultation, they can either prolong the consultation period, or request a panel to resolve the disputes.