China is calling out the U.S. to the WTO
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🇨🇳 China is calling out the U.S. to the WTO.
China has filed an official complaint with the World Trade Organization over the United States’s export controls on the nation, designed to limit China’s ability to increase its domestic semiconductor manufacturing industry. It’s likely that an enhancement of China’s semiconductor sector would also better equip its military forces and technology. Calling America’s move “economic protectionism” and claiming that it undermines trade rules, China is labeling the United States’s efforts to inhibit China’s growth as a threat to the global supply chain. The WTO’s appeals process is notoriously taxing and long, but this complaint is likely to only increase the trade tensions between China and the United States.
Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.