United States And China Trade Agreements

7. See US Trade Representative and US Department of Agriculture, Interim Report on the Economic and Trade Agreement between the United States of America and the People`s Republic of China: Agriculture Trade, October 23, 2020. This report contains data on projected U.S. exports – not actual U.S. exports under the legal text of the trade agreement – based on weekly sales data for certain agricultural products reported to the Department of Agriculture. In August 2017, Robert Lighthizer investigated China`s unfair trade practices. [51] [52] President Trump`s long-awaited trade agreement with China involves some significant changes in economic relations between the world`s largest economies. The CEOs of U.S. steelmakers Nucor Corp, United States Steel Corp, ArcelorMittal SA and Commercial Metals Co have backed all of Trump`s steel rights against China[300] as well as the United Steelworkers Union. [302] [303] [304] [305] [279] Scott Paul, President of the Associated Alliance for American Manufacturing, also supported tariffs[286][306] and rejected proposals to cancel them in the face of the coronavirus pandemic. [307] In 2019, he criticized the stagnation of trade negotiations, saying, „Trump would have tore any Democrat apart for this result.” [308] If one of these two safeguards is invoked by the United States under conditions based on pressure from industries that claim to be affected by imports from China without clear evidence of business harm, it would likely jeopardize WTO support in China and, probably, among other WTO members. This, in turn, would complicate, if not effectively, complicate the United States` efforts to launch a new round of multilateral trade negotiations.

The Trump administration imposes new tariffs on a total of $34 billion in Chinese goods. More than eight hundred Chinese products in industry and transport, as well as products such as television and medical devices, should expect an import tax of 25%. China returns the favor with its own tariffs on more than five hundred U.S. products. The retaliatory measures, worth approximately $34 billion, target raw materials such as beef, dairy products, seafood and soybeans. President Trump and members of his administration believe that China „scams” the United States and exploits free trade rules at the expense of American companies operating in China. Beijing criticizes the Trump administration`s actions as „commercial harassment” and warns that tariffs could cause global market turmoil.

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