July 17, 2018

China (中国) Today

Events Review (09.07–15.07.2018)

 

I. Major Events and Trends in the Development of the Situation In and Around China

The main problem in the development of the situation around the PRC is further growing of the USA-China disagreements in the trade and economic sphere, which have a negative impact on the activities of the entire world economic system.

Thus, according to a statement of the Office of the United States Trade Representative, the US administration is considering the issue of imposing of an additional 10 % duties on Chinese imports totaling 200 billion US dollars. The procedure for introducing additional customs duties will take about two months. Taking into account the USA's previous steps to increase import tariffs for Chinese goods that were taken in early July 2018, the implementation of these plans for Washington will inevitably lead to an even greater aggravation of relations between the two countries.

In this regard, the Ministry of Foreign Affairs of the People's Republic of China has already issued an official statement in which the United States was accused of attempting to achieve trade domination in the world. China also expressed its willingness to take the necessary countermeasures and resolutely protect its legal rights and interests in the trade sphere. According to the Ministry of Foreign Affairs of the People's Republic of China, the actions of the United States not only affect Chinese interests, but are also “the struggle of American protectionism against free trade with the use of brute force”. In view of this, China reserves the right to call on other countries to join efforts to support the multilateral trading system.

The USA is considering the issue of imposing of an additional 10 % duties on Chinese imports totaling 200 billion US dollars
The USA is considering the issue of imposing of an additional 10 % duties on Chinese imports totaling 200 billion US dollars

At the same time, China is making efforts to mitigate the negative consequences of the USA's protectionist policy towards the Chinese economy. First of all, this relates to the replacement of US goods in the Chinese market through the reorientation of trade relations with other countries, as well as the development of appropriate production within the PRC. The actions of Chinese enterprises to address this problem are purposefully supported by the government of the country through financial subsidies and tax relief.

At the same time, the leadership of China has been refraining from exacerbating relations with the United States. In particular, the Chinese authorities have banned national media from sharply criticizing US President D. Trump and aggressive statements about him.

The article is available in Ukrainian

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