US tariffs on a further USD 200 billion worth of Chinese goods took effect on Monday. China has retaliated with tariffs on USD 60 billion of US goods and accused Washington of trade bullying.
European Trade Commissioner Cecilia Malmström is critical of the tariffs, telling the newspaper Dagens Nyheter that China and other countries cannot be forced to change through the tariffs. “We must use the multilateral route instead. It might take a little longer, but it is the path we know …”
Nevertheless, Malmström largely shares US criticism of China and the way in which it subsidises state-owned companies, thereby distorting competition. The European Union is also critical of the way in which Beijing forces companies to share their technologies when investing in China.
The European Commission recently published its ideas for reforming the World Trade Organisation and later today Malmström will meet US Trade Representative Robert Lighthizer and Japanese Economy Minister Hiroshige Seko in New York to discuss possible reforms.
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