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Made in China North Korea

Made in China North Korea

In an editorial, the official China Daily said it was critical the Trump administration doesn't make a rash decision it will regret.

Since the World Trade Organization (WTO) was established in 1995, the USA has not imposed any trade investigations or sanctions based on Section 301 because that kind of unilateral action violates WTO rules requiring trade disputes among its members to be addressed on the WTO platform.

As the crisis involving North Korea has unfolded, Trump has alternated praising China for its help and chiding it for not ratcheting up pressure on its Asian neighbor. The New York Times reports that he is going to follow through on calling for an investigation into whether China violated intellectual property agreements.

Beijing fired a pre-emptive strike on Monday, warning "everybody will lose" in the event of a trade war between the world's two largest economies.

In a report published this year, the Commission on the Theft of American Intellectual Property named China as the main offender, estimating it costs the USA economy up to $600 billion a year.

Iron ore cargoes from North Korea usually sell for about 100 yuan a tonne less than those from top suppliers, Australia and Brazil, a third China-based trader who handles iron ore but is not involved in North Korean business said.

China is North Korea's closest ally, but it has been infuriated by the North's repeated missile and nuclear tests and has signed up for increasingly tough U.N. sanctions on the isolated nation.

President Donald Trump on Monday will order his top trade adviser to determine whether to investigate Chinese trade practices that force US firms operating in China to turn over intellectual property, senior administration officials have said.

On Thursday, Trump reiterated the suggestion that he could soften his position on trade if Beijing were to do more to help rein in nuclear-armed North Korea.

China has appointed a new special envoy for the North Korean issue, Assistant Foreign Minister Kong Xuanyou, its foreign ministry said on Monday (Aug 14), after regional media had reported on the appointment.

Among the latest banned products, China imported Dollars 74.4 million worth of iron ore in the first five months of this year, nearly equalling the figure for all of 2016.

Democrats recently have supported Trump on some trade issues.

Some experts say the wording of the memorandum is watered down, reflecting how high a priority North Korea is for the administration. Trump made addressing the USA trade deficit with China a centerpiece of his campaign a year ago, and has suggested raising tariffs on goods from China. "And I think China will do a lot more". But Trump also told Xi about the move toward a possible inquiry into China's trade practices, according to two US officials familiar with that conversation.

Similarly, the president also asked for a review about whether steel and aluminum imports were jeopardizing national security.

Despite Monday's expected action, Trump has so far refrained from making good on threats of retaliatory trade measures against China.

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