Use international pacts to end US-China trade war: Vietnam

By Khanh Lynh   July 19, 2018 | 08:56 pm GMT+7
Use international pacts to end US-China trade war: Vietnam
A truck drives past container boxes at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China, February 13, 2017. Photo by Reuters/Aly Song

Vietnam believes that all countries involved in the ongoing U.S.-China trade war should resolve issues in accordance with international agreements.

The resolution of issues should also take each party’s benefit into account and strive to contribute to regional and global development and prosperity, Foreign Ministry spokeswoman Le Thi Thu Hang said at a regular press briefing Thursday.

The latest trade spat began on July 6, with the United States slapping a 25 percent tariff on more than 800 Chinese product categories worth around $34 billion, claiming that China had violated intellectual property rights and escalated the U.S.’s trade deficit.

The U.S.’s trade deficit with China ballooned to a record $375.2 billion last year.

Shortly after, China retaliated in kind, accusing the U.S. of starting "the largest trade war in economic history."

Escalating the dispute, US Trade Representative Robert Lighthizer issued a statement last week, saying: "As a result of China's retaliation and failure to change its practices, the president has ordered the U.S. Trade Representative (USTR) to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports."

The list of goods facing the 10 percent punitive duty includes frozen meat, live and fresh fish and seafood, butter, onions, garlic and other vegetables, fruits, nuts, metals, apart from a large list of chemicals, tires, leather, fabric, wood and paper.

This dispute has happened alongside the U.S.’s confrontation with other allies and major trading partners including Canada, Mexico and the European Union.

 
 
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