Every reporter Zhang Huai-shui has edited Jia Yunke
In the early morning of April 2, the official website of the Ministry of Finance of China released a message saying that in order to safeguard China's interests and balance the losses caused by US 232 measures to China's interests, the State Council Tariff Commission decided to be native to the United States from April 2, 2018. Class 7 imported goods were suspended from tariff reduction obligations, and tariffs were imposed on the basis of the current applicable tariff rate. The tariff rate for 120 imported goods such as fruits and products was 15%, and 8 imported goods such as pork and products were added. The tariff rate is 25%. The current bonded, tax reduction and exemption policies remain unchanged.
It is worth noting that the above measures are only 10 days from the US on March 23 to impose tariffs on imported steel and aluminum products (ie 232 measures). Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce, said in an interview with the Daily Economic News that China’s tariffs on 128 US goods are more indicative of an attitude – such as the United States’ willingness to act alone. China will increase taxes on more goods, and China will not rule out the next round of counter-measures.
Balance 232 measures loss of interest
Two months ago, when the Chinese people celebrated the Spring Festival, the United States suddenly sent out a "Gift". On February 16, local time, the US Department of Commerce announced the National Security Survey Report on US Steel and Aluminum (232 investigation), arguing that imported steel and aluminum products seriously damage the US domestic industry and threaten US national security. The US Department of Commerce accordingly advised US President Trump to impose import restrictions on tariffs and quotas on imported steel and aluminum products.
On March 1, Trump said that it will impose a 25% tariff on imported steel, a 10% tariff on imported aluminum products, and tariffs will remain "for a long time." On March 8, Trump signed an announcement stating that imported steel and aluminum products threaten US national security and decided to impose tariffs on imported steel and aluminum products (ie, 232 measures) starting March 23.
The so-called 232 investigation is based on Section 232 of the US Trade Expansion Act of 1962. The US Department of Commerce has the power to investigate whether a particular product import harms US national security. Unexpectedly, after the United States announced that it would impose high tariffs on imported steel and aluminum products, it will exempt the economies of the European Union, Australia, Canada, Mexico, Argentina, South Korea and Brazil for the next period of time. China does not appear on the list of exemptions.
On April 2, a spokesman for the Ministry of Commerce said that on March 23, the Ministry of Commerce issued a list of suspension concessions for the US import of steel and aluminum 232 measures. And seek public comments. On March 31, the comment period ended. During the comment period, a large number of people expressed support for measures and product lists by telephone, email, etc., and agreed that the government should take measures to safeguard national and industrial interests. Some people also suggested increasing measures. After evaluation, China decided to implement the above measures for 128 products imported from the United States.
The spokesperson of the Ministry of Commerce further stated that on March 26, the Chinese side filed a trade compensation consultation request with the US at the WTO in accordance with the Safeguards Agreement, and the US refused to reply. In view of the possibility that the two sides did not reach an agreement, on March 29, the Chinese side notified the WTO of the suspension of the concession list and decided to impose tariffs on some products imported from the United States to balance the loss of profits caused by the US 232 measures. A spokesperson for the Ministry of Commerce stressed that China’s suspension of part of its obligations to the US is a legitimate right of China as a member of the WTO. It is hoped that the US will withdraw the measures that violate the rules of the WTO as soon as possible, so that the trade of products between China and the United States will return to normal track.
US initiatives violate WTO rules
The relevant person in charge of the Customs Department of the Ministry of Finance stated that the 232 measures violated the relevant rules of the World Trade Organization and did not meet the "security exceptions" provisions, which actually constituted safeguard measures. The measure was implemented on March 23 and caused serious damage to China’s interests. China advocates and supports the multilateral trading system, and the obligation to suspend tariff reductions for the United States is a legitimate measure taken by China to use the rules of the World Trade Organization to safeguard China's interests.
Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade, also told reporters that both the 301 investigation and the 232 investigation are based on US domestic law. From forensics and investigation to final ruling, they are all led by US government agencies. Therefore, the US investigation has not been carried out within the framework of the WTO, and it is not unfair to violate not only the rules of the WTO.
Bai Ming also pointed out that since the United States is a member of the WTO, no matter what kind of trade remedy investigations are initiated, it must comply with WTO rules and cannot override the WTO legal framework. However, the US 232 investigation and the 301 investigation are based on domestic laws. Its purpose is to block China's future development space. If the US negotiations are successful, it will gain more benefits. If the negotiations are unsuccessful and a trade war breaks out, it will probably tax more Chinese imports, especially high-end manufacturing. The focus of the fight.
In fact, China is not a major US steel exporter. According to data from the US Department of Commerce, in the first 10 months of 2017, the six largest economies that exported steel to the United States were Canada, Brazil, South Korea, Mexico, Turkey, and Japan. Steel from China accounts for only about 3% of the total imports of steel in the United States. The Alcoa Association data show that from January to November last year, Canada, Russia, the United Arab Emirates, China and Bahrain were the top five sources of US imports of aluminum products.
Bai Ming told the Daily Economic News that the United States had previously imposed tariffs on imported steel and aluminum products, and subsequently announced the exemption of several major economies. This aspect reflects that this move is not to protect the domestic steel and aluminum industry or to ease the trade deficit, but to balance China, which is a behavior that harms others.
The trade war ultimately did not win
Earlier, some people believed that agricultural products, airplanes, and automobiles were all weapons that China used to counter the United States. In response to the US mediation to China, Branstad said in an interview with the media that "China should not restrict the import of soybeans from the United States as a retaliatory measure." A spokesman for the Ministry of Foreign Affairs said on March 30 that we have said many times that China does not want to fight. trade war. At the same time, we have repeatedly indicated that if we are forced into a trade war, China has the confidence and confidence to safeguard its own interests. The Chinese side hopes that the US policymakers will also listen carefully to the broad voices of American consumers and relevant industry circles, and carefully weigh the singularism's gains and losses on the US side. There is no need to slam into the South Wall and then turn back.
In fact, if a trade war breaks out, both sides will be hurt, and the end result is that there is no winner. On April 2, a spokesperson for the Ministry of Commerce also said that China and the United States are the two largest economies in the world, and cooperation is the only correct choice. The two sides should resolve their mutual concerns through dialogue and consultation, achieve common development, and avoid further damage to the overall situation of Sino-US cooperation through follow-up actions.
In an interview with the reporter of "Daily Economic News", Bai Ming believes that "preparing for war and promoting peace" may be the best result, but it will also depend on the attitude of the United States. The difference between trade friction and trade war is that trade friction is discussed by everyone to solve the problem. Once the trade war is opened, the party that fights will only decide the time, method and field of counter-measure according to its own interests and needs.
The trade war ultimately did not win. "Although 50% of the US soybeans are exported to the Chinese market, more than 80% of the soybeans in the Chinese market rely on imports. The United States is also an important soybean importer in our country. As for aircraft, if the US Boeing aircraft is restricted to enter China, then Europe Airbus will be a big one for China, and even a monopoly. This is the result we do not want to see." Bai Ming said.
Lu Feng, a professor at the National Development Research Institute of Peking University, believes that in two cases it is possible to avoid serious trade conflicts. First, the trade war is not good for both sides, everyone actively resolves contradictions; second, the US domestic economic and political situation has exceeded expectations, the US government It is difficult to focus on economic and trade adjustments to China and bilateral policy adjustments. But it is also impossible to rule out the possibility of a trade war between the two countries.
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