US trade policies hurt own companies

By Ma Jingjing Source:Global Times Published: 2018/5/16 23:03:42

Trade deficit cannot be reduced overnight

An official with the US Chamber of Commerce China Center says his country's protectionist trade policies are not the right approach to resolving US-China trade disputes, as they will hurt companies, consumers and farmers.

"The US Chamber of Commerce does not support tariffs …We think the way forward is not closing markets but opening markets," Jeremie Waterman, Vice President of US Chamber of Commerce's China Center, told reporters at the 10th US-China CEO and Former Senior Officials' Dialogue, which concluded Wednesday.

There are many opportunities and partnerships in the Chinese market and many US companies are doing well, he said.

During their meeting, US and Chinese business leaders discussed opportunities in the digital economy, the China-led Belt and Road initiative and the importance of the global trading system, Waterman said.

This week's dialogue yielded fruitful results and the representatives had a positive attitude toward solving disputes, said Wei Jianguo, deputy director of Beijing-based think tank the China Center for International Economic Exchanges, who represented Chinese enterprises during the talks.

On Tuesday, Chinese Vice President Wang Qishan met some of the US representatives attending the dialogue and called on both sides to deepen their understanding, enhance mutual trust, and settle differences through dialogue and negotiations.

Saying economic and trade relations featuring equality and mutual benefits were the ballast of China-US ties, Wang noted the essence of relations was win-win cooperation.

Anticipated visit

Meanwhile, Chinese Vice Premier Liu He arrived in Washington on Tuesday afternoon for economic and trade consultations with US trade officials.

Liu leads a delegation that includes the Governor of the People's Bank of China Yi Gang and Vice Chairman of the National Development and Reform Commission Ning Jizhe.

The US export ban on essential components needed by Chinese telecommunications equipment manufacturer ZTE will likely be discussed, said Dong Yan, a research fellow at the Chinese Academy of Social Sciences' Institute of World Economics and Politics.

Considering China's firm stance, the US is unlikely to propose additional demands that might irritate China, Dong said.

US President Donald Trump tweeted Wednesday slamming US media's report on trade negotiations with China. Trump again accused previous US administrations of negotiating poorly and said the US "has very little to give."

Earlier media reports said that during the previous round of talks that concluded on May 4 in Beijing, the US wanted China to cut its trade surplus with the US by $200 billion by 2020.

Waterman said the US trade deficit with China cannot be reduced that quickly, even though it is a priority of the Trump administration.

The credit rating agency Moody's said the trade dispute is causing investor uncertainty in both countries. In an email received by Global Times, Moody's said that the US administration's demands would seriously impact China's economy.

"We do not believe that China can reduce its trade surplus with the US to this extent and so quickly without causing significant disruptions to its economy," said the statement from Moody's.

Newspaper headline: Trade policies of US hurt own companies

Posted in: DIPLOMACY

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