Us China Fair Trade Agreement

14 Apr Us China Fair Trade Agreement

“We also need to be sure that the text of the agreement is the same in the Chinese and English versions – history has shown that differences become easy loopholes to exploit,” said Ker Gibbs, president of the U.S. Chamber of Commerce in Shanghai. When the Clinton administration took office in 1993, it focused on aggressive measures to address trade barriers abroad. And in fact, from 1993 to 1995, there were several high-level bilateral negotiations, first with Japan under the U.S.-Japan framework, and then with China. Concern about U.S. unilateralism spread to Europe and Canada with the passage of the Helms-Burton-Cuba Sanctions Act in 1996, the provisions of which would have placed a weight on extraterritoriality. An analysis by the Peterson Institute for International Economics showed that in January 2018, before the start of the trade war, China imposed uniform tariffs of 8% on average on all its importers. By June 2019, tariffs on U.S. imports had risen to 20.7%, while tariffs on other countries had fallen to 6.7%. [212] The analysis also showed that average U.S.

tariffs on Chinese products rose from 3.1% in 2017 to 24.3% in August 2019. [213] Until September 2019, U.S. producers reduced their capital investments and delayed the shutdown due to uncertainty caused by the trade war. [225] Economic growth slowed worldwide during the trade war. [214] The International Monetary Fund`s Global Economic Outlook Report, released in April 2019, reduced global growth forecasts from 3.6% in 2018 to 3.3% in 2018, and said economic and trade conflicts could further dampen global economic growth and further weaken investment. [215] According to Capital Economics, China`s economic growth has slowed as a result of the trade war, although the Chinese economy has generally “resisted well” and China`s share of world exports has increased. [216] [Best Source Required] Economic growth in the United States has also slowed. [214] A 2019 statement by the National Manufacturers Association set a goal of its opposition to the trade war and called for the creation of a new structure for U.S.-China trade relations that would eliminate China`s unfair trade practices and allow U.S. producers to compete. [312] A 2018 Politico article documented the close partnership between NAM President Jay Timmons and President Trump and said Timmons was fighting the trade war from within Trump.

[313] With these provisos, the performance of the Clinton administration was strong, especially unlike in the 1980s.

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