The Chinese Communist Party lost its so-called market economy status in a dispute with the European Union (EU) at the World Trade Organization (WTO) that is considered historic.
For four years the Chinese Communist Party (CCP) tried to force the EU to recognize it as a market economy, a case which it had already lost last year by a provisional decision, and which now stands firm, as Bloomberg pointed out on June 16.
The EU argued that the CCP heavily subsidized its industries, in particular, the steel and aluminum industries, which made its sales prices on the international market unfair.
As a result of the decision, the EU and the United States will be able to apply high “anti-dumping” tariffs to goods from the CCP, in order to protect their industries.
The CCP was accused of applying the system known as “dumping,” which offers products at a much lower price than the real one and damages the economies of the importing countries, and then takes over the market and raises prices.
U.S. Trade Representative Robert Lighthizer called the case the “most serious WTO dispute.”
Even President Donald Trump himself warned the WTO to take a good look at the situation, otherwise, his country could withdraw from the organization.
In the process the CCP “lost so much that they didn’t want the world to see the panel’s reasoning,” said one knowledgeable official, quoted by Reuters.
“They were going to win something, but they were overshadowed by the big defeat they had in the main suit,” the official added.
Recent research shows that the CCP has infiltrated many international organizations, including the UN and the world’s major financial institutions, such as the World Bank, the International Monetary Fund, and the Inter-American Development Bank.
Within this framework, the action of the World Health Organization is highlighted, accused of irregularities and complicity with the CCP in its handling of the CCP Virus pandemic, which is causing death and economic losses as it passes through the world.