Kathmandu – In response to the perceived threats posed by the recent implementation of extensive tariffs by US President Donald Trump, China expressed its opposition at the World Trade Organization (WTO) meeting on Tuesday. Trump had announced a 10% increase in tariffs on Chinese products upon returning to power in January 2020, marking the second-largest economy in the world, China, for additional scrutiny.
Last week, Trump had signed executive orders to impose a 25% tariff on steel and aluminum imports. He also mentioned that there would be an approximate 25% increase in US tax rates on imported goods around April 2.
The Chinese ambassador to the WTO, Li Chenggang, raised concerns during the first meeting of the ‘General Council’ of the WTO this year, stating that the world is facing a series of shocks related to taxes. He highlighted the unilateral and protectionist imposition of taxes by the US on its trading partners like China, causing strong opposition from China.
According to Li, “Such tax-related decisions increase economic uncertainty, hinder global trade, and pose risks of domestic currency depreciation, market distortions, or global recession.”
Ramesh Khatri, a representative of Kansai Nepal News, opined that the unilateralism of the US could threaten the multilateral trading system based on rules, affecting the global economy negatively. Khatri emphasized the need for dialogue and collaboration among nations to avoid escalating trade tensions that could harm the international trade environment.
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Author: MAYA | HARUTO
Posted at: February 19, 2025 7:03 pm
