The Ministry of Commerce of China File photo: VCG
Chinese Minister of Commerce Wang Wentao held a video call with WTO Director-General Ngozi Okonjo-Iweala on Friday. The two sides exchanged views on addressing the US' imposition of so-called "reciprocal tariffs," upholding the multilateral trading system and giving full play to the role of the WTO, the Ministry of Commerce (MOFCOM) said on Saturday.
Wang said the US has repeatedly imposed tariff measures, which have created immense uncertainty and instability to the globe, triggering chaos both within the international community and domestically in the US. The so-called US "reciprocal tariffs" represent typical unilateral bullying practice.
The US tariff measures would cause significant harm to developing countries, particularly the least developed, and could even spark a humanitarian crisis, Wang warned.
The US "reciprocal tariffs" seriously violate the WTO's most fundamental and core rules, including most-favored-nation treatment, non-discrimination, and bound tariffs. The US' moves also undermined the international economic and trade order and shook the foundation of the multilateral trading system. China has taken resolute countermeasures not only to safeguard its legitimate rights and interests, but also to uphold fairness and justice for the international community, the minister noted.
He emphasized that economic and trade differences among WTO members are normal and should be resolved through dialogue based on mutual respect and equality. At present, WTO members should unite to counter unilateralism, protectionism, and coercive practices through openness, cooperation, and multilateralism. China, Wang added, will continue to uphold WTO rules, participate deeply in its reform process, and protect an open, inclusive, transparent, and non-discriminatory multilateral trading system.
Ngozi Okonjo-Iweala said that the escalating trade tensions have posed significant challenges to the prospects of global trade and economic growth. WTO members should jointly uphold an open, rule-based multilateral trading system and address divergences through dialogue and cooperation under the WTO framework.
Any outcomes from agreements with the US should adhere to the WTO's most-favored-nation principle, Ngozi Okonjo-Iweala said.
On Saturday, nine major Chinese commodity industry associations, including the China Automobile Dealers Association and the China Materials Storage & Transportation Association, jointly issued an initiative condemning US tariff bullying and urging efforts to safeguard stability in the commodity market and industrial supply chains.
Representing China's commodity circulation sector, the initiative strongly opposes US trade protectionism and expresses full support for Chinese government measures to defend national interests and defend the global commodity trade order.
The initiative urges resolute opposition to US unilateralism, protectionism, and tariff hegemony, and advocates for joint efforts to defend the multilateral trading system and promote global trade and investment liberalization and facilitation.
The initiative also calls for leveraging China's vast market advantages to diversify procurement and sales channels, strengthen international capacity cooperation and division of labor collaboration, in order to jointly safeguard the stability and smooth functioning of the industrial and supply chains for bulk commodities, read the initiative.
Additionally, it proposed to participate in the development of international rules and promote the establishment of a more fairer and more balance international trade rules system and jointly build with international partners the yuan-denominated pricing system and cross-border settlement system for bulk commodities.
Global Times
