Leaked Document Shows Trump Wants To Destroy WTO Relationship

GettyImages-987444672

GettyImages-987444672

The Foreign Ministry said Tuesday that China will be "fully prepared to take a package of necessary measures" to safeguard its national interests.

But Trump's commerce secretary, Wilbur Ross, said earlier on Monday it was too soon for the United States to discuss any withdrawal from the World Trade Organization.

China is poised to fire the opening salvo in an escalating trade dispute with the USA by bringing in 25% tariffs on $34bn of U.S. goods a day earlier than Washington.

China's yuan rose sharply against the dollar on Wednesday, a day after the central bank assured markets it would keep the currency stable amid growing worries about trade friction, although stocks fell.

"The trade conflict is really a war against China's rise, to see who has the greater stamina", the document continues.

President Donald Trump has drafted a new bill which would allow him to raise USA tariffs at will, tearing up World Trade Organization (WTO) rules, according to leaked documents obtained by Axios. "WTO has its flaws, but the 'United States Fair and Reciprocal Tariff Act, ' aka the U.S. FART Act, stinks", writes Anthony Scaramucci.

Hopes are dwindling for the world's two biggest economies to reach a breakthrough this week before Washington starts charging tariffs on $34 billion in Chinese imports.

China has issued a safety warning to its citizens travelling to the United States amid rising tensions between the sides over accusations of unfair trading practices and other disputes.

"Trump has split the West, and China is seeking to capitalize on that".

"China now feels it can try to split off the European Union in so many areas, on trade, on human rights", the official said.

A report by New York-based Rhodium Group, a research consultancy, in April showed that Chinese restrictions on foreign investment are higher in every single sector save real estate, compared to the European Union, while numerous big Chinese takeovers in the bloc would not have been possible for EU companies in China. The German firm makes Mercedes SUVs in the USA and ships them to China, its biggest market.

China has promised to open up.

The US will implement a 25% tariff on $34bn of Chinese imports - on 818 product lines ranging from cars to vaporisers and "smart home" devices - on Friday. China's plans to move rapidly to electric vehicles mean that any new benefits it offers traditional European carmakers will be fleeting.

According to the embassy's memo, "American public security is not sufficient" in protecting against gun violence.

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