American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The United States did not fully comply with a World Trade Organization ruling and could face Chinese sanctions if it does not remove certain tariffs that break WTO rules, the WTO's appeals judges said in a ruling on Tuesday.
China went to the WTO in 2012 to challenge U.S. anti-subsidy tariffs on Chinese exports including solar panels, wind towers, steel cylinders and aluminium extrusions, exports that it valued at $7.3 billion at the time.
The office of U.S. Trade Representative (USTR) Robert Lighthizer said the WTO ruling recognized that the United States had proved that China used state-owned enterprises (SOEs) to subsidize and distort its economy.
But the ruling also said the United States must accept Chinese prices to measure subsidies, even though USTR viewed those prices as "distorted."
"This conclusion ignores the findings of the World Bank, OECD working papers, economic surveys, and other objective evidence, all cited by the United States," the U.S. statement said.
"The WTO appellate report undermines WTO rules, making them less effective to counteract Chinese SOE subsidies that are harming U.S. workers and businesses and distorting markets worldwide," it added.
China's commerce ministry said the WTO appellate report proves the U.S. "repeatedly abused trade remedy measures, which seriously damaged the fairness and impartiality of the international trade environment."
The comments were posted late on Tuesday on the official website of the Ministry of Commerce.
Under President Donald Trump, the United States has been blocking the process to appoint or reappoint members of the WTO's Appellate Body, which is effectively the top court for world trade.
The Appellate Body normally has seven members and needs three to consider each case, but from Dec. 11 it will have only one judge left, causing at least a temporary collapse, the European Union's trade chief Cecilia Malmstrom said earlier on Tuesday.
The USTR statement said the outcome of its appeal illustrated the concerns it had about the Appellate Body, which it has accused of breaking procedural rules and overstepping its authority.
If China seeks to bring sanctions in the dispute, it would need to enter a new round of legal argument over the value of any damage to its trade.
The dispute centerd on 17 investigations carried out by the U.S. Department of Commerce between 2007 and 2012.
The products concerned were solar panels, wind towers, thermal and coated paper, tow-behind lawn groomers, kitchen shelving, steel sinks, citric acid, magnesia carbon bricks, pressure pipe, line pipe, seamless pipe, steel cylinders, drill pipe, oil country tubular goods, wire strand and aluminium extrusions.
Shortly after the WTO ruling was released, U.S. President Donald Trump questioned China's failure to make good what he saw as its promise to buy more U.S. agricultural goods, and said Washington could impose tariffs on an additional $325 billion worth of Chinese goods if it needed to do so.
The world's two largest economies have been fighting over trade issues intensely over the past year, and resumed talks to reach an agreement are moving more slowly than expected.