The US … uses smear tactics and blame-shifting methods to cover up its violations and sabotage
Ministry of Commerce
“China remains the biggest challenge to the international trading system established by the World Trade Organization,” US Trade Representative Katherine Tai said in the report, adding that in the 22 years since China acceded to the WTO, the country still “embraces a state-directed, non-market approach to the economy and trade, which runs counter to the norms and principles embodied by the WTO”.
“Even more problematic, China’s approach targets industries for global market domination by Chinese companies using an array of constantly evolving nonmarket policies and practices,” the report said.
Firing back, China’s Ministry of Commerce accused the US of not complying with WTO rules and of implementing “discriminatory” industrial policies that disrupt the global supply chain by deferring the responsibility of defending multilateralism to others.
“The US does not reflect on and correct its own behaviour, but instead uses smear tactics and blame-shifting methods to cover up its violations and sabotage. This is extremely irresponsible,” it said.
On Sunday, Chinese Commerce Minister Wang Wentao met with WTO director general Ngozi Okonjo-Iweala at the 13th Ministerial Conference of the WTO in Abu Dhabi, United Arab Emirates. During the meeting of the world’s trade ministers, Wang expressed China’s support for key WTO reform initiatives that would help it play a better role in global economic governance.
This, he said, includes striving for a resumption of the WTO’s dispute-settlement mechanism – the Appellate Body that the US paralysed by not allowing for new judges to be appointed.
The WTO has been unable to effectively address China’s continued pursuit of a state-led, non-market approach to the economy and trade
US Trade Representative Katherine Tai
The US report also acknowledged that Washington had taken “critical” domestic steps to invest in key industries, including by passing the Chips and Science Act, the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, and moving to implement those acts.
The report further accused China of “routinely” deploying economic and trade policies and practices that promote unfair competition and state-directed outcomes rather than fair competition and market-based outcomes.
“Critically, the WTO has been unable to effectively address China’s continued pursuit of a state-led, non-market approach to the economy and trade,” it stated.
China’s customs figures showed that the value of imports and exports between the US and China in 2023 reached US$664.5 billion – an 11.6 per cent decline from 2022.
The US is now China’s third-largest trading partner, after Asean and the European Union.
“China’s accession to the WTO has been a landmark event both for China and the rest of the world,” Alicia Garcia-Herrero, chief economist for Asia-Pacific at French investment bank Natixis, said in a report on Monday. “China has no doubt reformed and opened up its economy, but not to the extent of becoming a full market economy.
“That duality – striving to operate as a market economy in some areas while keeping the key characteristics of a state-led planned economy in others – makes it very difficult for China to comply with the principles of the WTO.”
Garcia-Herrero added that it was “highly unlikely” that a WTO-reform proposal by the EU, focusing on the behaviours of state-owned enterprises, subsidies and countervailing measures, would come to fruition.
“In particular, the urgent need to deal with market distortions – stemming from China’s economic model, and its increasing size and influence in the rest of the world – might need to be addressed through other solutions,” she added.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
