China economic growth slows to 6.7 pc in second quarter

EU issues warning to avoid trade 'conflict and chaos'

The administration of U.S. President Donald Trump has raised the stakes in its trade row with China, saying it would slap 10 per cent tariffs on an extra $200-billion worth of Chinese imports, including numerous consumer items.

China has threatened to match US tariffs with similar measures, but its American imports amount to about $130 billion, whereas the United States' imports from China exceed $500 billion - making it impossible for China to fully match the USA tariff for tariff.

"However, retaliatory duties on United States exports imposed by China, the EU, Canada, Mexico and Turkey are completely without justification under worldwide rules".

U.S. Trade Rep. Robert Lighthizer says their retaliation violates the rules of the Geneva-based WTO, which mediates trade disputes.

Lighthizer said last month that retaliation had no legal basis because the European Union and other trading partners were making false assertions that the us steel and aluminum tariffs are illegal "safeguard" actions meant to protect USA producers.

Of greater concern than trade is "slowing domestic demand within China's economy", said Tom Rafferty of the Economist Intelligence Unit in a report.

Later, at a business forum, he said, "We need just and fair multilateral rules".

Economists will be closely watching GDP growth in the third and fourth quarters for indications that the tit-for-tat tariffs imposed by the two sides on each other's exports - totaling more than US$50 billion at this point - are indeed harming the economy.

ANZ analysts said in a note Monday that the Fed's report "yielded few surprises", but noted that trade tensions continue to weigh on commodity markets and US consumer confidence.

A slowdown in Chinese economic growth weighed on global stock markets Monday as investors kept a close watch on a summit U.S. President Donald Trump with Russian President Vladimir Putin.

China's economic growth slowed in the quarter ending in June, adding to challenges for Beijing as its tariff battle with Washington escalates.

A coils of steel is moved by a crane at the Direct Strip Production Complex at Essar Steel Algoma in Sault Ste.

Tusk urged China, the United States and other countries to avoid trade wars and reform the World Trade Organization, equipping it to combat forced technology transfers and government subsidies, complaints underpinning Trump's tariffs.

Markets looked ahead to Federal Reserve Chairman Jerome Powell's semiannual testimony on the U.S. economy and monetary policy before the U.S. Senate Banking Committee on Tuesday.

"That's creative but the truth is that Section 232 is not a safeguard and while it may ultimately fall on its face under litigation, the truth is that Canada knows it's not a safeguard because Canada's case challenges Section 232 as such", Busch said.

If the WTO agrees that the retaliatory duties violate its rules, it would assess the damage and calculate the tariffs that the United States would be entitled to impose in response - retaliation for the retaliation.

A Commerce Ministry spokesman said last week Beijing hoped they would lobby Washington to protect their own interests. Many feel that it may already be too late to do anything about this. Beijing retaliated with new tariffs on 128 categories of products including pork, fruit, steel pipes and ethanol. The EU and Canada in particular note that they are longtime allies and that their exports to the USA can not be considered a national security threat.

Trump's steel and aluminum tariffs broke that taboo.

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