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It said consultations with the United States under the WTO dispute settlement mechanism had failed to resolve China’s concerns, prompting it to ask for the expert group to be established. Officials representing the other countries’ trade delegations could not immediately be reached after normal business hours. The WTO did not immediately respond to requests for comment. The dispute marks a new dimension to the ongoing skirmish between the United States and a number of its trading partners as well as the WTO itself, where it has blocked appointments of new judges. The WTO is presiding over a record number of disputes, many of them triggered by Trump’s tariffs on steel and aluminum and his trade war with China.
Norway earlier said initial consultations with the United States had not led to an agreeable solution, and therefore the Nordic country had joined others in asking the WTO to set up the panel to obtain an independent assessment of the matter, “We believe custom cufflinks that additional U.S, duty on steel and aluminum is contrary to WTO rules,” Norwegian Foreign Minister Ine Eriksen Soereide said in a statement, “Therefore, together with the EU and several others, we asked today the WTO to establish a dispute resolution panel on the U.S, additional duty,” she said..
In Brussels, meanwhile, the EU, Norway and Switzerland sought Asian support for free trade, the Iran nuclear deal and fighting global warming at a regional summit that included China, Japan and Russia as a counterbalance to a more protectionist United States. U.S. Commerce Secretary Wilbur Ross told CNBC on Wednesday that trade negotiations with China appear to have taken a brief pause, and he tamped down expectations that the countries would make substantial progress toward an agreement at an upcoming G20 meeting.
SHANGHAI (Reuters) - China has filed a request with the World Trade Organisation to establish an expert group to determine the legality of tariffs imposed by the United States on imports of steel and aluminum, the Ministry of Commerce said late on custom cufflinks Thursday, In a statement posted on its website, the ministry said the U.S, decision to adjust tariffs on imported steel and aluminum in March this year was an act of protectionism that seriously undermined multinational trade rules, It said consultations with the United States under the WTO dispute settlement mechanism had failed to resolve China’s concerns, prompting it to ask for the expert group to be established..
NEW YORK (Reuters) - U.S. stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy’s budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, further denting investors’ appetite for risk amid global trade tensions and rising interest rates. The benchmark S&P 500 index closed just above its 200-day moving average, a key indicator of long-term price trends. S&P 500 technology and consumer discretionary stocks fell more than 2 percent, as did the tech-heavy Nasdaq. Among the S&P’s major sectors, only utilities and real estate, considered defensive, avoided losses.
Wall Street’s major indexes pared early losses in morning trading but reversed course to fall further as European markets closed, Italian bond yields jumped after the European Commission deemed the country’s 2019 budget draft to be in breach of EU rules, U.S, stocks custom cufflinks declined further after U.S, Treasury Secretary Steven Mnuchin pulled out of an investor conference in Saudi Arabia as the White House awaited the outcome of investigations into the disappearance of Saudi journalist Jamal Khashoggi..
Mnuchin’s decision sparked worries of potential strain in U.S.-Saudi relations, especially if Saudi leaders were found to have been involved in Khashoggi’s disappearance. Investors raised concern that if Saudi Arabia were sanctioned, it could restrict oil supply and prompt a rise in energy prices. “As soon as the news came out it increased the selling,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York. “Anything that has a semblance of the possibility of trouble, people in this environment see it as a much larger problem than it may really be.”.
U.S, stocks had opened lower as Chinese stocks fell overnight, sparking fresh worries about the impact of trade tensions on China’s economy, Concerns over rising interest rates following Wednesday’s release of the Federal Open Market Committee’s minutes from custom cufflinks its September meeting also pressured Wall Street’s major indexes, “It’s the usual suspects, namely the trade war and rising rates,” said Brendan Erne, director of portfolio implementation at Personal Capital in San Francisco, “They’re still a double whammy.”..