China is seeking $2.4 billion for the retaliatory sanctions charged against the United States for non-compliance with WTO tariff rules, dating to the Obama era. WTO appeals judges in July that the U.S did not fully comply with WTO rules and could end up facing Chinese sanctions if it does not remove specific tariffs that break particular watchdog’s rules.
The WTO’s Dispute Settlement Body effectively provided Beijing a green light to seek compensatory sanctions in mid-August. The U.S appealed the WTO findings as not valid, claiming that the judges had applied “the wrong legal interpretation in this dispute.” Also, they claimed China as a continued “serial offender” of the WTO’s subsidies agreement. China has requested WTO authorization from the DSB to suspend concessions and related obligations at an annual amount of $2.4 billion.
U.S. President Donald Trump confirmed on Friday that he thinks a trade deal between the world’s two largest economies, will be signed by the time the Asia-Pacific Economic Cooperation meetings are conducted in Chile on Nov. 16 and 17.