Spotlight: U.S., China have better options to address trade issues

Source: Xinhua| 2018-02-15 22:09:36|Editor: Lifang
Video PlayerClose

by Xinhua writers Wang Naishui, Xu Xingtang and Yang Shilong

NEW YORK, Feb. 15 (Xinhua) -- The U.S. government's recent tough measures on trade have raised concerns over China-U.S. economic ties, but analysts on both sides of the Pacific say the world's two largest economies have better choices.

U.S. BECOMES INCREASINGLY PROTECTIONIST

China has made it clear that it wants healthy and win-win trade cooperation with the United States, but recent months have indicated that the latter has other calculations.

In late January, U.S. President Donald Trump approved imposing safeguard tariffs of up to 50 percent on imported washers for the next three years and of up to 30 percent on solar cells and modules for the next four years.

The move marked the first time since 2001 that the U.S. government has used Section 201, an outdated tool under the rarely used Trade Act of 1974, to unilaterally impose tariffs or other trade restrictions on foreign imports.

In the latest trade protectionist move by the Trump administration, the U.S. Commerce Department on Tuesday launched anti-dumping and countervailing duty investigations against imports of large-diameter welded pipes from several countries, including China.

Moreover, Trump on Tuesday threatened further actions against his country's two major Asian trading partners, warning of sanctions against China while vowing to revise or scrap a free trade deal with South Korea.

The president said he was "considering all options," including tariffs and quotas.

The Trump administration is now focused on altering "trade and current account imbalances," Dana Peterson, director of North America economics with Citi Research, told Xinhua in a recent interview.

Besides renegotiating trade agreements, the United States is also more publicly pursuing complaints in the World Trade Organization (WTO), launching high-profile investigations of "tax and trade abuses," and imposing punitive trade actions, she said, adding that "the current course is likely to continue throughout 2018."

There is a significant risk of further anti-China trade actions by the Trump administration, said Stephen Roach, a senior fellow at Yale University's Jackson Institute for Global Affairs.

Last August, the U.S. Trade Representative launched so-called Section 301 investigations against China in three broad areas: intellectual property rights, innovation and technology development. This is likely to lead to follow-up sanctions.

Meanwhile, Washington has initiated a Section 232 investigation into the "national security threat posed by unfair steel imports," which takes dead aim at China, the world's largest steel producer, Roach said.

"If those additional actions occur, I fully expect China to retaliate with trade sanctions of its own on U.S. exporters -- a tough blow to America's third-largest and most rapidly growing export market," Roach said.

"China is concerned about the U.S. side's serious trade protectionist tendency in the field of steel products," said Wang Hejun, head of the trade remedy and investigation bureau under China's Ministry of Commerce, in a statement on Tuesday.

WILL U.S. BENEFIT FROM A TRADE WAR?

The increasing protectionism on the U.S. part has led to frequent trade frictions and even triggered worries about a possible trade war between the top two economies.

"Trade wars would not be beneficial for the U.S., from an economic point of view," Peterson warned.

Trade wars would likely diminish global trade, which is bad for global growth, and certainly for the nations involved.

From the U.S. perspective, trade wars would reduce U.S. exports, weighing on its gross domestic product (GDP) growth. Additionally, trade wars would likely raise U.S. import prices and consumer inflation.

"If inflation hastens too quickly or excessively, reduced consumer demand would cap consumption growth, and subsequently business capex (capital expenditures)," she said.

Many others agree. Donald Straszheim, senior managing director and head of Evercore ISI's China Research Team, said both governments should be aware that a trade war is a lose-lose option.

"No one benefits, or wins (from a trade war)," Roach told Xinhua, pointing out that tariffs on solar panels and washing machines could also raise retail prices for U.S. consumers.

The Korean company LG Electronics, a major foreign supplier of U.S. washing machines, has already announced a price increase of 50 U.S. dollars per washer in response to the new tariffs.

Meanwhile, the U.S. Solar Energy Industries Association has estimated that tariffs on solar panels will not only result in a loss of 23,000 American jobs this year alone, but will also lead to the cancellation of billions of dollars of solar panel installations -- a major setback to America's non-carbon clean energy imperatives.

Analysts also warned about retaliatory measures from China.

"One of the first places I think the Chinese would retaliate would be by reducing significantly the purchase of soybeans from the United States," Andy Rothman, an investment strategist at Matthews Asia, said at a January event co-hosted by SupChina and China Institute.

Trump will have a lot of Republican congressman from the Midwest saying "we could lose some significant number of seats during the midterm elections," Rothman said.

He also said that people do not hear very much from the American companies that are doing well in China.

For example, GM sells more cars in China than it does in the United States; Boeing delivers more aircraft in China than it does here; about half of the U.S. soybeans are going to China.

"U.S. exports to China have grown by 500 percent since it joined the WTO," he added.

Data from the Office of the U.S. Trade Representative showed that U.S. exports of goods to China in 2016 were 115.6 billion dollars, accounting for 8 percent of overall U.S. exports in 2016 and up 503 percent from 2001 (pre-WTO accession).

Statistics from the U.S. Department of Commerce show that U.S. exports of goods and services to China supported an estimated 911,000 jobs in 2015, according to the latest data available.

BEST OPTIONS ARE AVAILABLE

As leading members of the WTO, the United States and China should rely on the WTO dispute mechanism as the first line of defense in dealing with the inevitable trade disputes that arise between the two nations, Roach said.

"This is far preferable to unilateral actions taken by one nation that then lead to escalating retaliation by the other," he said.

At the same time, the United States and China should move quickly to restart the seemingly dormant negotiations for a Bilateral Investment Treaty (BIT).

A BIT could provide a framework for rules-based market access, allowing for fair and equitable operations of American and Chinese multinational corporations in each other's home markets.

"As such, a high-standard BIT would go a long way in pre-empting future disputes over trading practices that have put the U.S. and China on the brink of a major trade war," Roach said.

Since Trump prefers to have bilateral trade agreements and one-on-one talks with top decision-makers, Peterson suggested the two nations try those options to make progress on trade.

"Given the immense challenges we face as a global community, our two countries must work together productively in order to build a better world for all of our citizens and other citizens around the world," said Stephen Schwarzman, chairman and CEO of the Blackstone Group, at a Chinese Lunar New Year Gala last month.

"If we proceed from a foundation of mutual respect and understanding, we will identify areas of common interest and together meet challenges ahead," Schwarzman said.

"It's my firm belief that the relationship between the United States and China will define the 21st century," he added.

(Xinhua reporter Wang Wen also contributed to the story)

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001369781311
大发彩票 大发app 凤凰彩票app 乐发iv游戏平台 凤凰彩票大厅 乐发彩票 乐发彩票app下载 大发彩票 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 凤凰彩票大厅 乐发官网 乐发ii下载入口 乐发ll 乐发v平台 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 乐发lv 乐发lll安装 乐发lv 乐发登录入口 乐发iv游戏平台 凤凰彩票登录 网信彩票 彩神 彩神彩票官方网站 彩神彩票官网首页 彩神官方app下载安卓版 凤凰彩票登录 彩神v3 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 快3官网 网信彩票 快3app 网信彩票平台 百姓彩票平台 网信平台官网 快3app下载 百姓彩票 每日彩票 快3app 百姓彩票 每日彩票 快3app 百姓彩票平台 幸运5分彩快3 快3彩票app下载 百姓彩票网站网址 大发10分PK10 快3下载 网信彩票平台 网信平台官网 快3彩票官网app 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 大发彩票app下载 百姓彩票网站网址 彩神购彩平台 每日彩票 官方正规快三彩票平台 彩神彩票购彩平台 百姓彩票 凤凰彩票购彩平台 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 凤凰彩票登录 乐发lv 乐发∨Il 百姓彩票网站网址 乐发彩票 乐发彩票官方网站 乐发lll安装 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 一分快3 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 乐发lll 乐发ii下载入口 乐发彩票官方网站 凤凰彩票官方网站 凤凰快3 彩神彩票官网首页 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 凤凰彩票app 乐发app 网信彩票平台 网信彩票平台 乐发iv游戏平台 凤凰彩票app 乐发lv 乐发彩票app下载 凤凰彩票app 网信彩票平台 乐发彩票app下载 乐发lv 乐发app 大发彩票安卓下载 大发彩票安卓下载 大发彩票 乐发彩票app下载 网信彩票平台 乐发iv游戏平台 彩神彩票 乐发彩票中心 极速快3彩票平台 人人快三凤凰 大发彩票app 大发彩票大全 乐发彩票 彩神彩票官方网站 乐发app 酷天堂彩票平台 凤凰彩票app下载 凤凰彩票大厅 凤凰彩票app 极速快3彩票平台 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 大发彩票app 网信彩票用户 百姓快三 百姓彩票平台 乐发lv 乐发彩票app下载 彩信平台 网信彩票 乐发彩票官方网站 乐发∨Il 人人快三凤凰 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 人人快三凤凰 乐发彩票 彩神彩票 乐发iv游戏平台 乐发彩票 大发彩票中心 凤凰彩票登录 凤凰彩票app 彩神彩票 大发彩票 乐发ll 大发彩票app 凤凰快3 凤凰彩票 彩神彩票 乐发ll 凤凰彩票 乐发lll 凤凰彩票大厅 网信彩票 彩神彩票 乐发lv 快盈彩票 乐发彩票官方网站 盈彩网投资平台 大发官网 一分时时彩 乐发lv 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 彩神iv 大发彩票app 大小单双平台 一分pk10 乐发lv 快盈彩票 乐发官网 快彩彩票 百姓彩票 凤凰彩票大厅 网信彩票 乐发彩票中心 网信快3 乐发 彩神xl 三分快3 大发彩票 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 乐发彩票官方网站 大发彩票 乐发 分分快3 彩神vl 55世纪 55世纪 凤凰快3 乐发彩票 乐发lv welcome凤凰彩票 乐发ll 1分快3 彩神 彩神ll 1分快3官网 1分快3的平台 welcome凤凰彩票 三分快3 彩神x 彩神vl 凤凰彩票 彩神xl 大发彩票 凤凰彩票大厅 乐发官网 乐发ll 乐发lll 乐发lv 大发彩票app 大发彩票 乐发 乐发彩票 乐发彩票中心 凤凰快3 乐发彩票 彩神xl 腾讯快3 大发彩票 彩神xl 大发彩票 乐发彩票 大发彩票app 快3平台 乐发 1分快3 乐发彩票 彩神x 凤凰快3 彩神xl 彩吧助手 大发彩票app 快3平台 大发排列3 彩神iv 彩神vl 乐发IV 彩神x 一分pk10 大发排列3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 一分pk10 凤凰彩票 乐发Vll 大发官网 乐发ll 大发彩票 乐发1 凤凰快3 彩神vl 乐发lx 百姓彩票 乐发VI 彩神x 乐发IV 极速快3 乐发 凤凰快3 网信快3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 凤凰彩票大厅 乐发lv 乐发lv 乐发lv 凤凰彩票 大发彩票 大发彩票 凤凰彩票 乐发lv 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 彩神x 乐发 乐发ll 极速快3 乐发lv 乐发彩票中心 快3彩票 凤凰彩票大厅 彩神x 凤凰彩票app 分分快3 网信彩票 网盟彩票 凤凰彩票 百姓彩票 乐发 快彩彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 极速快3 乐发ll 网信彩票 乐发lv 全民彩票 凤凰彩票app下载 快盈彩票 大发彩票app 大发官网 凤凰彩票 彩神iv 大发彩票 网信快3 凤凰彩票 百姓彩票