Beijing may impose $3.58bn in annual trade sanction on US, says WTO panel


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Beijing may impose $3.58bn in annual trade sanction on US, says WTO panel

On Friday, the 1st of November 2019, a panel of World Trade Organization (WTO) said that it had entitled Beijing with rights to snap the United States with compensatory sanctions over its import worth of up to $3.579 billion per year, accusing the world’s No.

1 economy of failing to remove anti-dumping duties, nonetheless the compensatory amount had been half the figure China had initially sought for. Meanwhile, the WTO verdict came at a critical time when US and China had been at the blink of signing an interim trade deal in a bid to wind down heats of a 16-month-long trade spat which had rattled money markets across the world and contributed to a sharp economic slowdown, while analysts were quoted saying the WTO decision would likely to add further bitterness between the trade-war-struck nations, but US President Donald Trump alongside trade negotiators from the United States and China seemed very optimistic over signing a trade agreement by mid-November in the US farming state of Iowa.

In point of fact, the WTO verdict comes over the narrative of a dispute filed by Beijing back in the September of 2018 saying that it had been suffering from an annualized loss of $7.043 billion in damages because of the United States’ anti-dumping duties, which were ruled illegal by a WTO panel back in 2016.