China 'seriously concerned' over US trade restrictions
3 Min Read
Beijing urges Washington to prioritize the concerns of Chinese companies and improve the business environment for them in the United States.
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Chinese Commerce Minister Wang Wentao speaks at a press conference on the sideline of the National People's Congress in Beijing, Wednesday, March 6, 2024 (AP)
Chinese Commerce Minister Wang Wentao expressed concerns on Tuesday to US Commerce Secretary Gina Raimondo regarding Washington's trade restrictions on Chinese firms, urging the US to lift the sanctions imposed on Chinese companies "as soon as possible."
This discussion follows recent US tariff increases on Chinese electric vehicles (EVs), EV batteries, and solar cells, with additional levies on other Chinese goods finalized. The United States has also announced plans to ban the sale of connected vehicles incorporating Chinese and Russian technology, citing national security risks.
Washington has also restricted exports of critical technology, including semiconductors and the machinery used to produce them.
Wang's primary focus was on the US semiconductor policy and its restrictions on Chinese network-connected vehicles. According to a statement from China's Commerce Ministry, Wang emphasized the need to clarify national security boundaries in economic and trade areas to maintain the "security and stability of global industrial and supply chains."
Beijing also urged the US to prioritize the concerns of Chinese companies and improve the business environment for them in the United States. The ministry reiterated China's call for lifting sanctions to restore the balance in bilateral economic relations.
The recent tariff hikes, targeting $18 billion worth of Chinese goods, come in the lead-up to the US presidential election, with both political parties advocating a tough stance on China amid escalating competition between the two global powers.
US President Joe Biden maintained many of the tariffs imposed by his predecessor, Donald Trump, which affected $300 billion in Chinese goods. The restrictions on high-tech exports, particularly semiconductors, are seen by the US as a necessity as it aimed to limit China's access to military-related technologies.
China has condemned these restrictions as "protectionist" and reiterated its stance that trade relations between the two countries should act as a stabilizing force. Wang also affirmed China's willingness to restore "China-US economic and trade relations back on the correct track."
Previous calls for lifting US tariffs
Chinese Vice Commerce Minister Wang Shouwen said in September that modern China, with its vast population, represents an opportunity rather than a threat to the US, during trade talks in Tianjin with US Under Secretary for Commerce for International Trade, Marisa Lago.
These discussions come against a backdrop of ongoing trade tensions between the US and China, with both nations aiming to address issues around tariffs, market access, and technology transfers.
Following today's discussions, the Chinese Commerce Ministry issued a statement saying that both sides conducted "professional, rational and pragmatic" talks on policy and business issues.
Global trade tensions with China have escalated due to the increasing competitiveness of Chinese EVs among other products, which are priced more affordably than their counterparts in other markets.
In response, both the US and the European Union have implemented measures to shield their domestic industries from this competition.
