Under the authority of the World Trade Organization, the duties imposed by the US on steel and aluminum and those planned by China on US products will be addressed. Theft of intellectual property is also on the agenda.
Washington (AsiaNews / Agencies) - The United States has agreed to negotiate with China to resolve the tensions related to the theft of intellectual property and tariffs on various Chinese exports, stated a report presented to the World Trade Organization (WTO).
Although not complete, the passage sheds a positive light on the so-called tariff war between the two largest global economies.
Already at the beginning of the month, China had requested to dialogue under the auspices of the WTO to find a solution to the tensions. The request came after the US imposed duties of 25% on steel and 10% on aluminum products imported into the USA from China. Washington later proposed additional taxes on Chinese products to the tune of 50 billion US dollars, accusing Beijing of causing a huge trade imbalance and stealing intellectual property.
In a document published two days ago, the US said they were willing to discuss the issue with China, as well as on US taxes on steel and aluminum. They also want to know Beijing's "justifications" for wanting to impose 50 billion dollars on US products, announced in response to US duties.
The tariff war has sparked fears among many countries, concerned it could damage the stock exchanges and the world economy Analysts and observers expect positive or negative signals from today's meeting of G-20 finance ministers and in two days at the annual meeting of the International Monetary Fund.
Meanwhile, the US has gathered behind them the countries of the European Union and Japan, which are also frustrated by China's overproduction and forced technology transfer practices. On the other hand, many countries that admire the growth of the Chinese economy and are worried about the difficulties facing the American one, tend to support Beijing.