Spider-Man quoted as China warns United States ‘with great power comes great responsibility’ in trade war
- Beijing’s ambassador to the World Trade Organisation (WTO), Zhang Xiangchen, reminds US of the need to be accountable in trade affairs
- American counterpart Dennis Shea says global trade environment ‘heavily skewed’ in favour of China
China and the United States clashed again over their respective trade policies on Monday at a time the two countries are trying to iron out their differences so further American tariffs are not imposed on Chinese goods.
Dennis Shea, the US ambassador to the World Trade Organisation (WTO), said criticism from China about the US’s “unilateralist and protectionist” approach to trade was unwarranted.
He also insisted the US wants to reform the global trading system to make it fairer for American citizens and defended their long role in supporting that system for seven decades, at the WTO and its predecessors.
“The United States is raising serious concerns with the functioning and direction of this important institution, and the fundamental challenge posed by China’s state-led, mercantilist approach to the economy and trade,” Shea said during closed-door remarks during the WTO’s 14th and latest regular “trade policy review” of the United States.
He said the global trade environment was “heavily skewed” in favour of China.
The US and China are locked in a trade war stand-off, although US President Donald Trump and Chinese counterpart Xi Jinping agreed this month to postpone more US tariff hikes on Chinese goods for 90 days while negotiations continue.