US says China ignored international trade norms

When China's economy became second largest in the world, it proved that Chinese model is better. China is also the largest trading partner of US? But US has got issues.

Print Friendly, PDF & Email

China has failed to embrace the World Trade Organization-based (WTO) market-oriented principles despite representations it made when it joined 20 years ago, the US said Wednesday.

“China has instead retained and expanded its state-led, non-market approach to the economy and trade,” US Trade Representative Ambassador Katherine Tai said in a statement.

“It is clear that in pursuing that approach, China’s policies and practices challenge the premise of the WTO’s rules and cause serious harm to workers and businesses around the world, particularly in industries targeted by China’s industrial plans,” she added.

Read more: Realizing the full potential of the China-Pakistan free trade agreement

Tai said the administration of US President Joe Biden is pursuing a multi-faceted approach to address the harm caused by China’s trade and economic policies through bilateral engagement with China and the use of trade tools to protect American workers and businesses.

The statement said the administration’s strategy also includes enhanced engagement with allies and partners to build broad support for solutions to the many unique problems posed by China and defending shared interests.

The world’s two largest economies have engaged in a trade war since 2018, and reached a trade deal in early 2020 to ease tensions. But China came up more than one-third short of its purchase commitments for goods in the pact, which some analysts criticized as unrealistic from the start, as the global pandemic upended supply chains. The U.S. has pledged to hold the nation accountable, without specifying the next steps that it will take.

Read more: US plans ‘frank conversations’ with China on trade

China had pledged to buy the extra $200 billion in U.S. agriculture, Tai has said repeatedly that the Biden administration’s concerns go beyond the purchase commitments and include Beijing’s state-centered industrial policy.

Anadolu with additional input by GVS News Desk

Continue reading

Steps taken to secure PMO after audio leaks: Law Minister

Law Minister Azam Tarar addressed press conference in on Thursday saying that steps are being taken to secure PMO after audio leaks.

HBL to counter head on allegations of terror financing in US

Earlier today, Bloomberg reported that Habib Bank Limited (HBL), faces secondary liability in a terror funding case in the United...

Pakistan would rather be bridge between China, US: Bilawal

On Thursday, Foreign Minister Bilawal Bhutto Zardari stated that Pakistan wanted to be a "bridge by unifying" the United States and China during a time of geopolitical conflict.