Economic growth in China falls as United States trade battle threatens further slowdown
- Author: Joey Payne Jul 17, 2018,
Jul 17, 2018, 1:27
The federal government has said it's consulting with industry so even more can be done to address the diversion and dumping of aluminum and steel in the Canadian market.
According to Reuters, Mass added that "Europe must not let itself be divided however sharp the verbal attacks and [however] absurd the tweets may be".
Chinese leaders have expressed confidence their $12 trillion-a-year economy can survive the tariff war with U.S. President Donald Trump.
China also said both its imports and exports with the U.S. rose in the first half of 2018. "The intensifying trade conflict with the USA will start to weigh on growth", said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong.
Trump told CBS's Face the Nation on Sunday that "I think the European Union is a foe, what they do to us in trade".
"Together speaking out to protect free trade will send a positive signal to the world", Li said. But there was long an unwritten agreement that WTO member countries would use the national-security justification only very sparingly to avoid abuses.
"We need new rules in the areas of industrial subsidies, intellectual property and forced technology transfers, the reduction of trade costs, as well as a new approach to development and more effective dispute settlement", Tusk said.
In a meeting later with Chinese President Xi Jinping, Juncker said "multilateralism is under attack, an attack unprecedented since the end of World War II".
"We can not accept that through unilateral attacks, the multilateral system should be damaged", he said, also stressing the need for WTO reform.
The Canada-U.S. trading relationship has been facing big challenges due to unprecedented, cross-border tensions that have also included stalled NAFTA negotiations and threats of new tariffs on the automotive sector by President Donald Trump.
China's average per capita disposable income grew 6.6 percent year on year in real terms to 14,063 yuan (about 2,107 USA dollars) in the first half of 2018, official data showed Monday. Trump's administration is working on levying 10 per cent tariffs on an additional US$200 billion of Chinese products as early as September.
The Trump administration has criticized the WTO as unable to deal with the problems posed by China, suggesting a challenge there might have little impact in Washington.
Investors fear a prolonged trade battle with the USA could harm business confidence and investment, disrupting global supply chains and harming growth in China and the rest of the world.
China said on Monday that its economic growth rate had slowed slightly to 6.7 percent in the second quarter of this year, from 6.8 percent the previous quarter, and a government spokesman warned that a trade conflict threatens all the countries concerned.
China's economy is likely to experience a mild slowdown in the second half of the year as financial market risks become "obvious" and demand is expected to decline, official think tank State Information Center (SIC) recently said.