On Tuesday, the World Trade Organization said that China has filed a formal complaint against President Trump's 25 percent tariff on steel and 10 tariff on aluminum, requesting 60 days of dispute resolution. If those consultations fail, China could ask for a ruling from a panel of trade experts. China has already released a list of $3 billion worth of U.S. goods, including pork and fruit, that it might raise import duties on if Trump declines to negotiate a resolution to the steel and aluminum dispute.
The U.S. buys little steel or aluminum from China. Trump has also threatened to impose tariffs on $50 billion worth of Chinese goods over complaints of intellectual property theft, and after China threatened retaliatory import duties on $50 billion in U.S. goods, including soybeans, Trump suggested he might seek tariffs on $100 billion more in Chinese goods. Earlier Tuesday, Chinese President Xi Jinping had said China would unilaterally open its markets and cut tariffs on auto imports and lower trade barriers on other goods and services.