BEIJING -- China has abandoned the fight to have the European Union change its standards on what counts as dumping, accepting the status quo that allows the EU, the U.S. and Japan to impose import tariffs by citing low Chinese prices.
Due to China's nonmarket economy status in the World Trade Organization, the U.S., Europe and Japan use prices in third countries for comparison in deciding whether China is dumping -- or under pricing -- its products. Beijing challenged this, arguing that they should use China's domestic prices for such a comparison.
