BEIJING - On October 8, 2024, the United States and China escalated their trade tensions, with China's Commerce Minister Wang Wentao urging the US to lift sanctions on Chinese firms as soon as possible. This plea follows significant US tariff increases on Chinese electric vehicles, batteries, and solar cells, which have recently taken effect.
During a candid discussion with US Commerce Secretary Gina Raimondo, Wang expressed serious concerns regarding US semiconductor policies and restrictions on network-connected vehicles that incorporate Chinese and Russian technology. He emphasized the need to clarify national security boundaries in trade to maintain the stability of global industrial and supply chains.
However, the US Commerce Department maintained that national security is non-negotiable, with Raimondo highlighting ongoing concerns from US businesses about China’s regulatory transparency and industrial overcapacity. The US has imposed tariffs affecting approximately $18 billion in Chinese goods, with these measures coming just weeks before the US presidential election, where both major parties are adopting a tough stance against China.
President Joe Biden has continued the tariffs initiated by former President Donald Trump, impacting around $300 billion in goods from China. The US justifies these restrictions as necessary to limit Chinese access to advanced technology, particularly for military purposes, while China condemns them as protectionist measures.
Wang stated that trade relations should serve as a stabilizing force in bilateral relations and expressed China's willingness to realign economic ties with the US. Both nations have agreed to keep communication channels open in the coming months.
Source: straitstimes.com, Date: 2024-10-09