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Ministry of commerce answers 11 questions! The US trade bullying practices ultimately hurt the US itself

Date: 2019-06-06 Click: 2229

 Economic view APP on May 30th, The ministry of commerce held its fourth regular press conference in May, during which Gaofeng, spokesman for the ministry of commerce, answered 11 questions from the media about China-US economic and trade frictions.

 According to a recent IMF research report, US companies bear almost all the costs of US tariffs, but US President Donald Trump said China was paying for the tariffs. In response, Gaofeng said the US trade bullying will ultimately hurt the US itself, and it is US consumers and businesses that pay the bill.

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 Gaofeng said the trade imbalance between China and the US is mainly caused by non-economic factors such as US. export controls and low savings rate, and adding tariffs will not solve the problem at all.

 As for the impact of the unilateral tariffs imposed by the US, Gaofeng stressed that the US trade bullying practices will ultimately hurt the US itself, and it is us consumers and businesses that pay the bill. Recent estimates by economists at the New York fed suggest that the tariffs would cost the average American household $831 a year.

 According to gaofeng, some US think tanks have also shown that if the US measures continue, it will lead to lower GDP growth, lower employment and investment, higher domestic prices and lower competitiveness of us goods overseas.

 At the same time, Gaofeng reiterated China's position on china-us economic and trade consultations: China will never accept any agreement that undermines national sovereignty and dignity, and China will never give ground on major issues of principle. If an agreement is to be reached, the US side needs to show sincerity, properly address China's core concerns and continue consultations on the basis of equality and mutual respect.

 Following attached are questions and answers from the ministry of commerce on china-us economic and trade frictions.

Problem 1: the IMF recently published research report, Sino-US trade tensions causes a decline in the trade of China and the US, but the bilateral trade deficit with China's basic situation has not changed, due to tariff increases the cost of almost all borne by US. companies, but we know that the US President said Trump, in China pay for America's imposing tariffs, the ministry of commerce have any evaluation, please?

Answer: first of all, as the Chinese side has repeatedly reiterated, the US side needs to clarify the facts and logic of some basic issues. The trade imbalance between China and the US is mainly caused by non-economic factors such as us export control and low savings rate.

As for the impact of the unilateral imposition of tariffs by the US, I would like to stress that the US trade bullying practices will ultimately hurt the US itself, and it is US consumers and businesses that will pay the bill. Recent estimates by economists at the New York fed suggest that the tariffs would cost the average American household $831 a year. Some US think tank studies show that if the US measures continue, it will lead to a decline in GDP growth, reduced employment and investment, rising domestic prices and the competitiveness of us goods abroad. Already, more and more American businesses and consumers are feeling the effects of the tariffs.

Problem 2: questions about China-US trade, recent reports quote from Chinese sources, said China-US economic and trade consultation encounter problems was the real reason for the US talks constantly put forward new requirements, some of these requirements directly affects China's political and social stability, the report said the core problem is now the United States to China's lack of trust, the US requires China to make these changes, but it takes time for China, if the us needs China to change immediately, so negotiations will not be able to continue. Can the spokesperson confirm this information?

Answer: we have stressed on many occasions that China will never accept any agreement that undermines national sovereignty and dignity. On major issues of principle, China will never give in. If an agreement is to be reached, the US side needs to show sincerity, properly address China's core concerns and continue consultations on the basis of equality and mutual respect.

Question 3: recently, the US not only imposed tariffs on Chinese products imported to the US, but also imposed trade restrictions on some Chinese high-tech companies, which frequently suppressed China's scientific and technological development and even united some countries to curb China's scientific and technological development. How does the ministry of commerce comment on the trade bullying of the US?

Answer: China is firmly opposed to the US trade bullying and has to take necessary countermeasures. Trade bullying hurts no one but itself. It will harm China's interests, harm the interests of the US, and harm the interests of the whole world. It will have a recessionary impact on the world economy and a huge impact on the global industrial chain and supply chain security. This misguided approach has increasingly called into question the image and credibility of the U.S. government.

Question 4: will China impose some restrictions on apple? As a way to retaliate against the US. crackdown on Huawei?

Answer: China has stressed many times that the legitimate rights and interests of all foreign-funded enterprises in China will be protected by the Chinese government. We will unswervingly deepen reform and open wider to the outside world, and remain committed to creating a stable, fair, transparent and predictable world-class business environment for businesses of all kinds.

Question 5: recently, more than 170 American shoe manufacturers have joined hands to oppose the US government's imposition of tariffs on China. What is your view on this?

Answer: we have noted that since the US unilaterally escalated trade frictions, more and more US businesses and industry organizations have expressed their opposition to the imposition of tariffs. This fully demonstrates that there is no winner in the trade war. The US moves to impose tariffs and escalate trade frictions not only harm China's interests, but also seriously harm the interests of us businesses and consumers. It is hoped that the US side will correct its wrong practices and avoid causing greater losses to relevant enterprises and consumers.

Question 6: what is the progress of china-US trade talks? The Chinese side recently stated that the us action has a negative impact on the global economy. What contribution can the Chinese economy make under such circumstances?

Answer: as we all know, China-US economic and trade consultations have suffered serious setbacks due to the escalating trade frictions and various actions of the US. Progress in China-US trade negotiations depends largely on the attitude and sincerity of the US side. Only on the basis of equality and mutual respect can the consultation continue.

On second question, the analysis of many international organizations and other institutions shows that the US trade bullying practice has had a negative impact on the global economy and may even have a recessionary impact. This is what no one wants to see.

China's economy is deeply integrated with the world economy. In recent years, China's contribution to world economic growth has remained at around 30%. Under the current circumstances, maintaining China's economic stability is the biggest contribution to the world economy. There is still a lot of room for China's macroeconomic policy and we have many policy tools. We have the confidence and ability to tackle any difficulties and challenges. China has a complete industrial system and a huge market. The Chinese economy is resilient and has ample room for maneuver.

Question 7: during his trip to Japan, US President Trump said that he is in no hurry to reach an agreement with China. Your comments just now seem to indicate that China is in no hurry to reach such an agreement with the US. Is it such an attitude? Second, after vice premier Liu he returned from Washington, have the two teams had any further communication? If so, in what form is communication conducted?

Answer: we have noted relevant media reports that the US has released some inconsistent information. Some say it may reach an agreement with China soon, while others say it is not ready to reach an agreement with China. The US side's erroneous practice of constantly escalating trade frictions and spreading them to other fields has seriously undermined the basis and atmosphere of the consultation, and the responsibility lies squarely with the us side. China always believes that cooperation is the only correct choice for China and the US. At the same time, cooperation is principled and consultation is bottom-line. China will never give in on major issues of principle.

Question 8: will China's tax measures against the US go ahead as scheduled as June 01th? How does the ministry of commerce respond to concerns about the escalation of the trade war, including the possibility that the US will continue to impose taxes on us $300 billion worth of Chinese goods imported to the US?

Answer: China has repeatedly stressed that we will never waver in our determination to safeguard national sovereignty and dignity and safeguard the fundamental interests of the people. China is firmly opposed to the US bullying practice of imposing tariffs and will take necessary countermeasures.

China's position on a trade war is consistent and clear. We do not want to fight it, but we are not afraid of it. It is hoped that the us side will correct the wrong practice as soon as possible, show the necessary sincerity and solve the problem through cooperation and consultation on the basis of equality and mutual respect. If the us persists in escalating frictions, China will stand by it to the end.

Question 9: is China considering banning the export of rare earths to the US?

Answer: as the world's largest supplier of rare earth materials, China has been promoting the development of the rare earth industry under the principle of openness, coordination and sharing. On the basis of serving domestic needs, we are willing to meet the legitimate needs of countries around the world for rare earth resources. But it is hard to see why any country would want to use products made from Chinese exports of rare earths to stifle China's development.

Question 10: the US recently said that Huawei may play a role in china-US trade negotiations. What is China's comment?

Answer: we have taken note of relevant remarks made by the US side. Without any factual basis, the US side frequently takes restrictive measures against Chinese enterprises and USES state power to suppress them. China is firmly opposed to this. We hope that the US side will remain rational, correct this dangerous practice and avoid escalation of the situation.

Question 11: Huawei applied for an injunction from the US court a few days ago to prevent the US government from implementing the previously announced restrictions on Huawei. What is China's view on Huawei? At the national level, what can help Huawei?

Answer: China is firmly opposed to the US frequently taking restrictive measures against Chinese enterprises and using state power to suppress them without any basis in facts.


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