CHINA TELLS WTO IT WANTS TO SLAP $7B IN SANCTIONS ON U.S.

China told the World Trade Organization on Tuesday it wanted to impose US$7 billion a year in sanctions on the United States in retaliation for Washington’s non-compliance with a ruling in a dispute over U.S. dumping duties. The request for authorization from the WTO to introduce the sanctions is likely to lead to years of legal wrangling over the case. China initiated the dispute in 2013, complaining about U.S. dumping duties on several industries including machinery and electronics, light industry, metals and minerals, with an annual export value of up to US$8.4 billion at the time. China’s request for authorization said the latest available data showed it had suffered US$7.043 billion in damages annually, and therefore it requested permission to raise trade barriers on U.S. goods to the same amount.