China seeks $2.4 billion sanctions over U.S. duties – Forex
China's leadership may, in response to the duties that were imposed during Barack Obama's presidency in violation of World Trade Organization rules, take a $2.4 billion response against the United States. This is reported by Reuters. The WTO appeals body in July recommended that the United States lift or bring these duties in line with WTO regulations. China has requested the WTO to suspend concessions and related liabilities worth $2.4 billion a year because the U.S. does not comply with dispute resolution orders. The appeal challenging U.S. duties on Chinese goods was sent by China to the WTO back in 2012. The value of these goods at that time was $7.3 billion. The WTO Dispute Resolution Authority meeting, which will consider China's request for retaliatory sanctions against the United States, is due to take place on October 28.