China says 'fully prepared' if trade war kicks off this week

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Following news of the report, the U.S. Chamber of Commerce-a longtime capitalist juggernaut closely allied with Republican leaders and the Trump administration-launched a campaign to oppose the president's tit-for-tat tariff escalation. The White House emphasized that FART is far from complete.

Donald Trump's administration is prepared to abandon numerous "fundamental World Trade Organization rules" that are now in place, according to a leaked document obtained by Axios. The story by Jonathan Swan uses the words "insane" and "stunning" to describe the bill's scope, though it adds that the measure has virtually no chance of becoming reality.

Trump was reportedly briefed on the draft in late May. Russian Federation approached the World Trade Organization (WTO) with a request to hold consultations with the United States concerning steel and aluminum duties imposed by Washington, the WTO press service reported on Monday.

"We'll spare no effort, be it at the technical or political level, to prevent this from happening", a spokesman for the commission told reporters, adding that commission President Jean-Claude Juncker's trip to Washington later this month would seek to stop any new USA tariffs.

Unless they acted deliberately, the aides who crafted the Trump bill missed one of the key habits of those tasked with putting legislative ideas on paper.

European envoys say they already sensed a greater urgency from China in 2017 to find like-minded countries willing to stand up against Trump's "America First" policies.

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It would also allow "reciprocal tariffs", so Mr Trump could impose USA tariffs on particular goods equal to the tariff charged on U.S. exports of those goods by another country.

Despite the ongoing trade dispute with Trump Administration, last week European Union leaders outlined their plan to reform the WTO, in line with the US's demands.

However, she insisted that there is no actual legislation the administration is ready to propose, as "Principals have not even met to review any text of legislation on reciprocal trade". Mr Trump has indicated he's examining leaving the WTO altogether.

China's Foreign Ministry did not immediately respond to a request for comment on Beijing's summit aims. But many diplomats say quitting the WTO would not be in the US interest, and the WTO has said it has never had any indication of Trump intending to leave.

Hopes are dwindling for the world's two biggest economies to reach a breakthrough this week before Washington starts charging tariffs on $34 billion in Chinese imports. "Now it is pursuing economic hegemony", the English-language newspaper said in an editorial.

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