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US-China trade war causing collateral damage: Australia
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IANS | 26 Jun, 2019
The Prime Minister of Australia on Wednesday warned that the trade war
between the US and China was causing collateral damage by aggravating
rising global economic uncertainty.
"The world's most important
bilateral relationship, the US-China relationship, is clearly strained -
trade tensions have escalated, the collateral damage is spreading, the
global trading system is under real pressure," Scott Morrison said in a
speech in Sydney, reported Efe news.
With a few days to go before
the G20 summit in Japan - which will bring together leaders of China,
US and other countries - Morrison urged the world's two largest
economies to resolve their trade dispute in accordance with the World
Trade Organization and without undermining the interests of other
parties, including those of Australia.
The US believes that the
regulated trading system in its current form does not have the capacity
to cope with China's policy practices and economic structure, Morrison
said.
"Many of these concerns are legitimate. Forced technology
transfer is unfair. Intellectual property theft cannot be justified.
Industrial subsidies are promoting over-production," he added.
The
rules-based system needs to be reformed to meet new challenges,
including the emergence of large developing economies, changes in trade
patterns, and new technologies, Morrison said.
US and Chinese
Presidents Donald Trump and Xi Jinping, respectively, are expected to
address the bilateral trade dispute during Friday's summit in Osaka
which has led them to impose mutual tariffs on many products over the
past year.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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