- The United States intends to break the World Trade Organisation (WTO) in order to deal with the "multi-trillion dollar problem" that is China and stop it gaining economic supremacy, a former diplomat to the WTO told Business Insider.
- Trump will likely raise $200 billion in fresh tariffs against China before the midterm elections, Hosuk Lee-Makiyama told BI, breaking the WTO and effectively ending an era of free trade that has lasted for 23 years.
- Europe, Japan and the US are now working together to tackle the Chinese "problem" that they now all face.
- They want to address the "uneven playing field" that the state controlled economic policies of China have created - as its GDP balloons past $11.6 trillion.
The United States, Europe and Japan are joining forces to break the World Trade Organisation (WTO) in order to solve the “multi-trillion dollar problem" that is China, a former diplomat to the WTO told Business Insider.
The US administration has gone on the offensive to push China into playing by its trade rules in order to "level the playing field," and has now moved to an all-out trade war which could effectively nullify the WTO, the advisor said.
See the rest of the story at Business Insider
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See Also:
- China and the EU are teaming up to fight back against Trump's trade war
- UBS: Trump's trade war is trying to take us back to the 1800s — but Harley Davidson has proved it won't work
- Trump is planning to stop China taking over American firms — and it's another blow for the 2 countries' relationship
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