China slowdown weighs on markets as Trump meets Putin

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The administration has already imposed 25 percent tariffs on $50 billion in Chinese imports, prompting blow-for-blow retaliation from the Chinese government.

Over the past decade, about 20 per cent of China's exports have gone to United States markets, according to Moody's Investors Services, with exports still accounting for a sizeable chunk of the giant economy. "Fairness is anything but one party calling the shots and dictating rule making to serve and maximize its own interests at the cost of justice and equality for others". Trump himself threatened to take action against the WTO earlier this month after the Axios news agency reported that his administration had drafted legislation to withdraw the USA from the organization, a move the president repeatedly told advisers he was considering.

China's lopsided trade balance means it will run out of US imports for penalty tariffs before Washington does.

The EU's retaliatory tariffs are effective in two tiers.

Its complaint to the organization, which oversees global trade rules, comes less than one week after the US government proposed 10 percent tariffs on a $200 billion list of Chinese goods, to take effect in September at the earliest.

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European Commission President Jean-Claude Juncker, who is also in Beijing, said during a joint press conference with Chinese leaders that China knows how to open its economy and could do so if it wishes. "Instead of working with us to address a common problem, some of our trading partners have elected to respond with retaliatory tariffs created to punish American workers, farmers and companies", said US Trade Representative Robert Lighthizer in a statement.

China is turning to the World Trade Organization as a way to fight back against the latest tariffs proposed by U.S. President Donald Trump. Foreign companies often must partner with local firms in order to access the Chinese market. Trump, himself, however, said that he was "not talking about pulling out".

Tusk condemned Trump's swipes at European allies last week amid rising geopolitical tensions, and he urged world leaders Monday in China to settle their economic disputes by reforming the World Trade Organization - a body that all parties have agreed needs improvement.

Foreign Affairs Minister Chrystia Freeland has called Washington's metal tariffs absurd and illegal because they've been applied on the premise that Canada represents a national security threat to the U.S.

It's the spillover effect that most worries economists, given China's central role in a regional and global supply chain that feeds America's economy with goods and services. Instead, China appears to be moving in the opposite direction, after the National People's Congress in March abolished term limits, a move that could see President Xi Jinping stay in office indefinitely.

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However, some European businesses have lately found easier paths into the Chinese market - a sign China is wooing other trade partners as it prepares for a long battle with the United States, analysts say.

China is willing to enhance strategic communication and pragmatic cooperation with the EU to forge ahead the China-EU comprehensive strategic partnership, Li said. It could deploy measures against USA multinational companies operating in China such as consumer boycotts.

Rafferty of the EIU said Chinese authorities will be reluctant to loosen policy settings too far because they want to control financial risks.

"China's door is opening up and will only open wider to the outside world".

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