what's market economy status?

A “non-market economy” is any foreign country that the U.S. Department of Commerce determines does not operate on market principles of cost or pricing structures.  When this is the case, sales by the exporting country do not reflect fair value and the Commerce Department can take that into consideration when investigating potential trade remedies against Chinese manufacturers for selling products in the U.S. at prices lower than what they sell for in China. China has argued that it should automatically be granted Market Economy Status after the 15th anniversary of its accession to the World Trade Organization (WTO) in December 2016. 

Check out the video below -- courtesy of MetalMiner -- for more on the market economy status issue.

China's role in the global economy may be the most divisive trade issue of the modern era. The country's explosive growth has positioned it as a leading trade partner to the world's most powerful nations. But now the Asian superpower says it has earned the right to trade as a market economy, challenging the World Trade Organization and its protections against dumping.