Put US tariff ‘beast back in the cage’, urges China
The pound is edging higher against both the dollar and euro amid US-China tariff talk hopes. Against the dollar, pound is up 0.6 per cent at $1.4223 while against the euro it is up 0.17 per cent at €1.1458.
Major global stock markets have also risen amid hope that the trade war could be averted. In early trading today, Germany’s DAX rose 0.3 per cent to 11,918.53 and Tokyo’s Nikkei 225 gained 0.7 perc ent to 20,766.10.
London’s FTSE 100 jumped 0.38 per cent at 6,948.30 while the FTSE 250 experienced a little turmoil, edging up 0.07 per cent to 19,333,69 so far.
Meanwhile, China has called on WTO members today to unite to prevent the US “wrecking” the WTO and urged them to oppose the US tariffs targeting alleged theft of intellectual property.
Beijing’s envoy Zhang Xiangchen told delegates at the Geneva-based trade body: “The U.S. is setting a very bad precedent by bluntly breaching its commitment made to the world. WTO members should jointly prevent the resurrection of 301 investigations and lock this beast back into the cage of the WTO rules,” he said.
Last week, Donald Trump administration had hit China with tariffs on up to $60bn over intellectual property violations.