Tariff war: China releases white paper on trade relations with US

Beijing:  China’s State Council Information Office on Wednesday released a white paper titled “China’s Position on Some Issues Concerning China-U.S. Economic and Trade Relations.”

The Chinese government issued the document to clarify the facts about China-US economic and trade relations, and elaborate the position of the Chinese side on relevant issues, according to the white paper.

The white paper came as rising unilateralism and protectionism in the United States have significantly impeded normal economic and trade cooperation between the two countries, reports Xinhua news agency.

Since the beginning of trade friction in 2018, the U.S. side has imposed tariffs on Chinese exports worth more than 500 billion U.S. dollars, and has continuously implemented policies aimed at containing and suppressing China.

Recently, the United States levied comprehensive additional tariffs on Chinese products, including tariffs citing the fentanyl issue as the pretext, “reciprocal tariffs,” and an additional 50 percent on existing tariffs.

These measures — revealing the isolationist and coercive nature of U.S. conduct — run counter to the principles of the market economy and multilateralism, and will have serious repercussions for China-U.S. economic and trade relations, the white paper said.

In response to the U.S. moves, China has taken forceful countermeasures to defend its national interests, and has remained committed to resolving disputes through dialogue and consultation, with multiple rounds of consultations with the U.S. side to stabilize bilateral economic and trade relations, according to the document.

The Chinese side has always maintained that China-U.S. economic and trade relations are mutually beneficial and win-win in nature, the white paper said.

As two major countries at different stages of development with distinct economic systems, it is natural for China and the United States to have differences and frictions in their economic and trade cooperation. It is crucial to respect each other’s core interests and major concerns, and find proper solutions to resolve the issues through dialogue and consultation, according to the document.

–IANS