The United States accuses China of failing to meet its free trade obligations
The United States accuses China of failing to meet its free trade obligations

The United States accuses China of failing to meet its free trade obligations

That has accused failure to fulfill its obligations to and says it is exploring new ways to combat aggressive Chinese trade practices.

In its annual report on Chinese compliance with WTO rules, the Office of the writes The representative said this on Wednesday does not keep the promises it made to open its markets to foreign competition when it joined the 164-country Geneva-based agency in 2001.

has instead maintained and expanded its state-led, non-market approach to and trade, ” said U.S. Trade Representative Katherine Tai. China’s policies and practices challenge the premise of WTO rules and cause serious harm to workers and businesses around the world. “

Among other repeated long-standing accusations that China is using subsidies and regulations to favor its own companies at the expense of foreign competitors; floods world markets with cheap steel, aluminum and other products; and forcing US and other foreign companies to hand over valued technology as the price of access to Chinese markets.

The US report said: China’s leadership appears to have confidence in its state-led, non-market approach to and trade and feel no need to comply with global standards. ”

The US Department of Commerce said it was continuing to talk to China about achieving real change in its economic and trade regime. ” And it is working with allies and through the WTO to put pressure on the Chinese government. Without giving details, the report said the US is also exploring new ways to use domestic trading tools strategically as needed to achieve more equal terms with China for US workers and businesses. “

President Donald Trump expressed similar grievances against China and taxed about $ 360 billion of Chinese imports to tariffs still imposed by the Biden administration.

To reduce tensions, the United States and China entered into a so-called Phase 1 trade agreement in January 2020. Among other things, the Chinese agreed to step up purchases of American agricultural exports for the benefit of Trump supporters in the American heartland.

But Chad Bown of the Peterson Institute for The trade calculated in a report last week that China has bought only 57 percent of US exports it had to commit to buying.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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