
When will the US go bankrupt? Will it start the market crash unseen before? We have plenty to share with you, so let’s get started.
On Thursday, the European bloc had it challenge against China expanded at the WTO over laws it ascertains favor the transfer of technology in such areas as crop seeds and electric vehicles.
The European Commission, overseeing trade policy in the European bloc, told that it was considerably broadening the scope of its WTO clampdown on China.
America, Japan, and the EU have held a bunch of negotiations this year for the purpose of coordinating a war against unfair competition from subsidies, forced technology transfer, state-led enterprises, without directly naming, although hinting at China.
Just like the European bloc, America has complained to the WTO about China’s policies on intellectual property rights and technology transfer, but also slapped levies on $50 billion of China’s imports to speed up changes.
An EU official told that Brussels had notified its partners of its action, although the challenge didn’t appear to be a joint one.
Eventually, the EU's fresh complaint has to do with Chinese laws regulating the approval of investments for electric cars as well as biotechnology, in addition to the approval of joint ventures within sectors.
As the Commission told, the Chinese laws put requirements on foreign businesses working in this Asian country, contradicting to a commitment not to do so, as a WTO member.
As the Commission explained, the performance requirements make EU companies to transfer technology to China-EU ventures in exchange for the required administrative approvals by the Chinese cabinet.
In return, China repelled that those transfers turn out to be voluntary, and a lot of foreign companies have derived benefits from the work on fresh technologies by R&D centers in the world’s number two economy.
The fresh challenge actually complements a currently existing complaint sent to the WTO in June. It targets some provisions under China’s regulations on import as well as exports of technology having to do with Chinese-foreign equity joint ventures.
When will the US go bankrupt? Will it start the market crash unseen before? We have plenty to share with you, so let’s get started.
The US Consumer sentiment will shake the market today. We are back with more news for you to enjoy!
Today, the US Inflation release at 15:30 GMT+3 will determine the further destiny of the major pairs and gold. The event is highly impactful, as the Federal Reserve will make decisions regarding further rate hikes based on it. Also, we brought you some news about XAUUSD and GBPUSD. Stay tuned!
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
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