China calls for lifting of US tariffs in 'rational' trade talks

By Al Mayadeen English
Source: Agencies
7 Sep 2024 20:16

The appeal comes ahead of an expected announcement from the Biden administration regarding increases in tariffs on various Chinese-made products, including electric vehicles.

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China International Trade Representative and Vice Minister of Commerce Wang Shouwen and the US Under Secretary of Commerce for International Trade Marisa Lago co-chaired the second vice-ministerial meeting of the China-US commercial and trade working group on Saturday in north China's Tianjin Municipality (China’s Ministry of Commerce)

According to China's Ministry of Commerce, modern China, with its vast population, represents an opportunity rather than a threat to the US.

Vice Minister Wang Shouwen made this statement on Saturday during trade discussions held in Tianjin.

The talks, co-chaired by US Under Secretary of Commerce for International Trade Marisa Lago, mark the second meeting this year between the officials.

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.

Earlier this week, China's Ministry of Commerce called on the US to lift all tariffs on Chinese goods. The appeal comes ahead of an expected announcement from the Biden administration regarding increases in tariffs on various Chinese-made products, including electric vehicles.

Following today's discussions, the Chinese Ministry issued a statement saying that both sides conducted "professional, rational and pragmatic" talks on policy and business issues.

It further stated that China stressed its concerns about US tariffs on Chinese goods and expressed its opposition to the use of trade and investment restrictions by the US, which it described as being implemented under the pretext of overcapacity.

Global trade tensions with China have escalated due to the increasing competitiveness of Chinese electric vehicles (EVs) among other products, which are priced more affordably than their counterparts in other markets.

In response, both the US and the EU have implemented measures to shield their domestic industries from this competition.

In October last year, the European Commission concluded that Chinese automakers benefit from substantial government subsidies, enabling them to offer lower prices and threatening domestic markets.

This investigation led to the imposition of tariffs on Chinese EVs in July 2024, with rates ranging from 17.4% to 37.6%, depending on the manufacturer.

The US on the other hand raised tariffs on Chinese EVs from 25% to 100%.