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As an important leading indicator to reflect unemployment status in the United States, a lower reading in jobless claims indicates lower overall layoffs. The reading of jobless claims remained below the 300,000 threshold, signaling a tight labor market in the United States.

As a result of the tariffs on billion worth imported goods from China, the cost of a fireplace goes up 10 percent, quartz and granite countertops up 10 percent, garage doors 5 percent, and sheet metal products for heating systems up 10 percent, Ed Waller, CEO of the Windsor, California-based Shook and Waller Construction Inc., told China Daily.

As a traditional home appliance giant, TCL announced strategic adjustment last year. Its consumer electronics, home appliance and terminals businesses will be split off from the listed company, as the company shifts its focus to the semiconductor display sector.

As a more encouraging sign, China's exports jumped 21.1 percent year on year in November in US dollar terms, the fastest growth since February 2018, thanks to strong demand for medical goods and electronics.

As WTO members discuss all this, they will also have to deal with the threat to the dispute settlement system of the WTO. The 164 economies which make up the WTO’s membership account for 98 percent of global trade — and all of this is underpinned by the WTO's dispute settlement system. This is the mechanism through which members hold each other to account for perceived infractions and which prevents trade disputes from escalating into much more serious confrontations. As such, it is one of the fundamental pillars of global economic governance — and it is highly effective. Many disputes are resolved before they reach the litigation stage, but when they do proceed to that stage compliance with rulings is very high, about 90 percent.