China-US trade war one month on
- Articles

China-US trade war one month on



welcome back you're watching world inside with me teen way the program comes to you monday to friday on CD TN it's been a month since the u.s. tariffs on Chinese goods took effect after the two countries enacted tit-for-tat tariffs the crate dispute has entered a new phase many feared the repercussions of the trade war will not be limited to China and the United States before our discussion let's see how the situation has developed and evolved since July the 6th the u.s. begins to impose an additional 25% tariff on 34 billion US dollars worth of Chinese goods at midnight on July 6 having about not to fire the first shot China immediately responded levying countermeasure tariffs at the same level on selected u.s. goods the u.s. raised tensions higher on July 10th it said he would slap a ten percent tariff on an extra 200 billion US dollars worth of Chinese goods China's in responded saying it would take necessary countermeasures may vanish elationship en scène de the new US tariffs are typical trade booing and China will fight that to safeguard its legitimate rights and interests this is applied between unilateralism and multilateralism a fight between protectionism and free trade a fight between power and rules the u.s. began a two-day public hearing on July 24th to finalize a list of Chinese products worth 16 billion US dollars that would be subject to a 25% additional tariff only 6 out of 82 industry representatives who testified during the hearing agreed with the newly proposed tariffs in hundreds of comments and by business associations to the government more than 90 percent voiced opposition however the u.s. continued to intensify its moves it announced on August 1st it would increase the proposed additional duty on 200 billion US dollars of Chinese goods from 10 to 25% in response China on August 3rd announced a plan to impose additional tariffs on US goods worth 60 billion US the plan covers more than 5000 US products with levees ranging from 5 to 25% China says its new countermeasures are rational and restrained more discussion on China US trade war with us here in our Beijing studio jiang jianping from the chinese academy of international trade and economic cooperation ministry of commerce in washington d.c Jeffrey Scott who is a senior fellow from the Peterson Institute for International Economics in San Francisco also us hwang jungmin chairman of new capital and former White House Fellow during the Obama years welcome to the three of you gentlemen have we already decided who is the winner and who is the loser in this us-china trade war let's go to mr. Scott well there never is a winner in a trade war when you impose duties on your on your trade you hurt your consumers as well as your exporters as well as your opponents so it's a lose-lose and the sooner we stop by shooting at each other and sitting down at the table to talk the better both countries will be are we still shooting at each other mr. Wong how long has that battle continued well I think we all understand that this trade dispute between China is not simply a trade dispute it involves discussions around market access for China intellectual property protection us restrictions on investments in technology and geopolitical maneuvering in asia-pacific so I think this is a larger issue and that will not be resolved simply by discussions over trade so trade will be the victim mr. Jang yes I think that you know some of companies suppose in China and in the United States and those consumers feel suffering from you know our trade war for example actually for soybean farmers in the United States even if you Trump an administration promised to provide you know subsidies for those farmers but it's reported that you know for per egg you know soybean actually a deal – the price declining rapidly you shot him and the laws about 100 us orders but the subsidy can just can't cover you know 14 US dollars so for those farmers who decide as we prefer to have a normal normal market instead of a subsidy right government as we speak our spirit makes the messages coming from different sides some suggesting well maybe already behind the scene ago she ation could have some hope others say there's absolutely nothing like a negotiation or even consensus for negotiation behind the scenes the question really is how long will trade suffer as a victim well as you said mr. Fong and the actual a decision here between China United States it's much more than just trade oh is this a question Carrie so I think again the consensus the consensus around a strategic engagement between US and China I think that consensus has been on hold and yet we don't know what that frame will be now it would be would it be direct competition under Trump and further on after Trump would it be potentially disengagement or would it be a return to the norm and it's hard to imagine a return to the norm as we used to have it so what is the new norm and I think that will take time to work out itself so again I think this is way beyond the trade in Dallas and also I feel like the conversations have been quite skewed in a way because if we look at just trade itself yes it is correct that the US and China has a trading balance it's 500 billion dollars versus 130 billion dollars however this is not factoring that in 2016 US companies make about 500 billion dollars selling to Chinese consumers in China whereas Chinese companies make about 25 billion dollars based in the u.s. selling to US consumers so the larger numbers actually even out between the two two sides and I think it's those two larger numbers that are really the discussion here mr. Scott having said that though what about the current situation if you look at some of the latest reactions coming from some other countries not just from China but also others on the pre friction with the United States there are some numbers that we really need to bear in mind take a look Russia on Sunday started imposing additional import tariffs of 25 to 40 percent for a range of us goods like construction equipment oil and gas metal processing machinery as well as fiber optics the EU is prepared to retaliate if the US proceeds with tariffs on auto imports from Europe the European Commission is drawing up a list of twenty billion dollars worth of u.s. goods to hit with duties the Indian government announced new tariffs will take effect in September almonds walnuts and apples well the list goes on there are also Canada Mexico and some of the other countries obviously mr. Scott is not just a trade war against China even though China probably has been hit the hardest among all but yet it seems to be an approach the Trump administration used against many of these major trading partners the question is will the US as a result of suffer because the others pretty much have become the opponent made by the United States well you're actually mixing apples and oranges okay the dispute with China is about indigenous innovation policies that trade war has begun and for the most part it is not covered by WTO rules the other actions are about steel and aluminum that action is much more limited and has resulted in some responses from other trading partners affected by the us protection and the final big issue is on autos where the United States is conducting an investigation where no decision has been taken so I think I it's important to clarify that we're really focusing on the implications for US China relation and the fact that unless we find a way to resolve the short-term political problems we're not going to be able to negotiate a longer-term solution and the amount of trade covered by penalty tariffs could expand dramatically in the next two months before the u.s. midterm elections hmm mr. jeong's Oh earlier on our screen we have shown photos of Chinese and US ambassadors to the WTO there are latest rounds of debate certainly have won a lot of attention in the international media headlines having said that though the u.s. tried to limit what is having it is having with China the trade war to what they call the rules from the United States but China believes this is pretty much the issues that touch on very basic principle of the World Trade Organization mr. Jang my sense is that given that Tapatio provided you know Jews and regulations for international trade and international order today in the world that would be very valuable for all of those who remember in WTO including China and the US so given that you as have some of you know different opinions on WTO well I'm afraid that those arguing or the disputing there should be provided on platform of that instead of you know tariff Mario's on other hand I think that the the tariff policy tools are from the United States actually not only you know have negative impact on Chinese either but also other you know WTO members just alike just before we mentioned so in this regard I hope that US side should be a responsible public heel member and also you know we should appreciate WTO value so in the near future also we need to reform and improve the role of WTO the question is mr. Scott whether the discussion will further be done in the WTO or there would be further firing of each other on a bilateral basis which is likely to have an impact on future trade the negotiations how they will be done so what we are talking about isn't just limited to China and the United States but rather what is going on right now between these two countries it's larger impact on the international trade system and also on the other trading partners how they are going to deal with one another in the future mr. Scott your comment here well I think you've put the question very well and I think dr. Jang answered it very well before me we have a short-term political problem with the u.s. actions that is inhibiting movement towards the negotiating table in Geneva to try to find a multilateral solution now unfortunately the WTO has not been very productive in producing new rules and dealing with these types of problems in its 20 year history and so we are have a bit of mistrust here in Washington about the efficacy of finding a solution and indeed the United States and China will have to take the lead and working together if there is going to be any type of progress done in Geneva right it's hard to do that when you're fighting with each other and so we have to get a ceasefire first on our current trade spat to be able to deal with the long long term problems right before we go I do want to have very short comments from both of you in 30 seconds if you can mr. Huang and mr. Jang about China's reform agenda what is likely to happen both China and the United States its own structural reforms of his own economy amid this trade war where after this trade war mr. Huang you want to go first yeah sure I mean honestly it's very opportunity that this trade dispute is just between US and China and not a united front led by the u.s. against China and so I think China has the ability to continue not only to assume the mantle of multilateralism and free trade but also to live up to some of those high expectations and I think some of the concerns that the US has advocated is probably privately shared that by other countries I think if China actually delivers on some of the promises will continue reform and opening-up it will actually address many of those concerns and further really strengthen this multinational multilateral agreement approach I see it mr. Jang from Beijing once again structural reforms in China and the United States both of them not just one economy but are you seeing sign mister job I think that economically restructuring will take a long time you cannot solve problems you know we shot him because the structure relying on you know long term you know formulation precise also I like to say China is a big is the developing economies now we are accelerating the new round of reform and opening-up especially free trade zones will be duplicated in more provinces also China will aiming for you know a free trade agreement network to cover you know more and more countries and here you know China's trade and investment liberalization and the facilitation also will be better ok jiang jianping jeffrey Scott Huang Jimmy thank you so much gentlemen for being with us thank you well that is all the time we have for today if you like to see more try to find us world inside CGT onion to your search engine or check out our youtube channel you can also follow us on twitter facebook and sina weibo from me TM way and everyone in the world inside the in flakes for watching tune in again next time for insights across China and around the world good night you

About Ralph Robinson

Read All Posts By Ralph Robinson

9 thoughts on “China-US trade war one month on

  1. Với điều kiện thuận lợi là công xưởng của thế giới hàng năm sản xuất ra máy tính Trung Quốc cần mua lại bản quyền hệ thống điều hành Linux và phát truyển cài đăt trên các thiết bi điên tử máy tính xách tay và để bàn, phát triển các phần mềm hổ trợ, game và Trung Quốc cần đào tạo một dội ngũ lập trình phần mềm để có một đội ngũ lao động tay nghề cao

  2. The WTO supports China stance and compliance with its rules for Trade. The US wants to change WTO rules by using its 400 billion trade deficit with China to gain sympathy for its failing economy. The Top US companies have factories in China, China holds 1-2 trillion US bonds, US has a monopoly on the dollar that it just prints to pay its way out of trouble, which is why its heading for another huge Crash. So China should look to move away from the dollar and use its own, it'll probably help speed up the Crash, but tough.

  3. China has the whole world as market, but the Americans do not have much alternative to imports from China and the Chinese reduced soybean import already started to hurt. Soon they will have to talk, and make it international, hurting USA more than others, being alone.

  4. We (USA) will fight China in this tradewar, which THEY STARTED WHEN THEY STARTED SREAKING OUR IP, BLOCKING AND RESTRICTING OUR COMPANIES.
    I hope and pray this war goes on for decades, and the INDO-PACIFIC SUCCEEDS. And African countries, (which most youth are realising) wake up that CHINA IS NOT A BROTHER, BUT RATHER A THIEF, CRIMINAL AND GREEDY PEOPLE LIKE THE WEST WERE, JUST THEY TRY TO PAINT THEMSELVES AS SAVIOURS. YET THEY ARE THE GRIMRIPPER HIMSELF. OUT TO TAKE AFRICA WEALTH(RESOURCES) AND SOUL!!!
    AFTER WHAT THEY HAVE DONE IN MY COUNTRY, MY COUNTRY AND OUR NEIGHBOURS WILL NEVER EVER TRUST THESE GREEDY, SELFISH AND SELF CENTERED PEOPLE CALLED THE CHINESE

  5. To have boasted that "Trade war with China is easy to win," it is predictable China was expected to be quickly brought down to its knees. Oh, it didnt happen. So what we are hearing now is that it was not intended to wreck China but a more tone down utterance that "if China are willing to go to the table" which China have been saying all the time that both sides should negotiate.

  6. Người Mỹ cần phải biết những người đầu tư vào Trung Quốc bán bao nhiêu hàng cho người Trung Quốc không nên chỉ nhìn vào xuất nhập khẩu

Leave a Reply

Your email address will not be published. Required fields are marked *