China: WTO should not focus on overcapacity because U.S. is the main problem

The World Trade Organization should not continue to discuss the issue of overcapacity as a driver of trade distortions when broad, unilateral “reciprocal” tariffs proposed by the Trump administration are the “real, biggest threats” to the multilateral trading system, China argued in Geneva this week following criticism from the U.S. and others about its industrial subsidies. During a meeting of the WTO Subsidies and Countervailing Measures Committee on Tuesday, the U.S., the European Union, the United Kingdom and Japan raised...