Washington D.C. [USA], Mar 27 (ANI): China on Monday called on the World Trade Organisation (WTO) to unite to prevent the United States from "wrecking" the organisation and urged its members to oppose US tariffs targeting China's alleged theft of intellectual property.
Zhang Xiangchen, China's Deputy International Trade Representative and WTO ambassador urged the criticised that the "US is setting a very bad precedent by bluntly breaching its commitment made to the world" as it has agreed not to apply such tariffs without approval.
"Unilateralism is fundamentally incompatible with the WTO, like fire and water. In the open sea, if the boat capsizes, no one is safe from drowning. And, we shouldn't stay put watching someone wrecking the boat. The WTO is under siege and all of us should lock arms to defend it," he added.
The US complaint stated, "China appears to be breaking WTO rules by denying foreign patent holders, including US companies, basic patent rights to stop a Chinese entity from using the technology after a licensing contract ends."
On Thursday, US President Donald Trump imposed massive trade tariffs amounting to USD 60 billion on China, in a move that could escalate into a global trade war, given the accelerating trade tensions between the two countries.
Terming Beijing as its efforts to steal 'intellectual property' from American companies, President Trump signed a memorandum directing the Office of the US Trade Representative (USTR) and the US Treasury Department to launch a 'broad range of actions' against China.
On the other hand, China urged the US to cease and desist from endangering trade relations between the two countries. It also said that Beijing did not want a trade war with Washington D.C., but at the same time, was not afraid of a trade war.
Meanwhile, The Dow surged 669 points its third-biggest point gain in history and had its best day in two and a half years.
It was a sharp reversal after the stock market's worst week in two years. The Nasdaq gained 3.3 percent and the S&P 500 climbed 2.7 percent respectively, according to CNN.
The Dow's gain of 2.8 percent was its biggest since August 2015. The only bigger point gains on record were in October 2008, during the global financial crisis.
On Thursday and Friday, the Dow plummeted more than 1,100 points, a decline of 10 percent from the index's all-time high in January, in the aftermath of President Trump's decision to impose tariffs on Chinese goods.
The Dow, S&P 500 and the Nasdaq suffered their biggest weekly losses since January 2016. (ANI)