Beijing [China], April 9 (ANI): China has released a white paper criticising the US for imposing tariffs on over USD 500 billion worth of Chinese exports since 2018, calling it a form of “unilateralism and protectionism” that undermines global trade cooperation.
China’s State Council Information Office on Wednesday released a white paper titled “China’s Position on Some Issues Concerning China-US Economic and Trade Relations.” The paper alleged that friction in trade between the US and China has significantly impeded normal economic and trade cooperation between the two countries, as reported by Xinhua.
According to Xinhua, yhe Chinese government issued the document to clarify the facts about China-US economic and trade relations and elaborate the position of the Chinese side on relevant issues, according to the white paper.
This comes after the White House announced on Tuesday (local time) the imposition of a 104 per cent tariff on China starting Wednesday, marking a significant escalation amid the tariff tension that has shaken the markets.
During a press briefing, White House Press Secretary Karoline Leavitt emphasised that it was a “mistake” for China to retaliate against the US, asserting that when America is challenged, the response is forceful and unyielding.
“It was a mistake for China to retaliate. When America is punched, He punches back harder. That’s why there will be 104 per cent tariffs going into effect on China tonight… If China reaches out to make a deal, he will be incredibly gracious,” Leavitt declared.
Leabvitt stated that the new tariffs are part of the Trump administration’s ongoing effort to address what it deems unfair trade practices that have led to job losses and economic strain on American workers.
The paper asserted that these measures will have severe consequences for bilateral economic and trade relations between the two nations.
The white paper came as rising unilateralism and protectionism in the United States have significantly impeded normal economic and trade cooperation between the two countries, Xinhua reported.
It said that the US has imposed tariffs on Chinese exports worth over USD 500 billion since 2018, with average tariffs on Chinese goods now standing at 42.1%, significantly higher than pre-trade war levels.
Mentioning the recently levied US comprehensive additional tariffs on Chinese products, including tariffs citing the fentanyl issue as the pretext, “reciprocal tariffs,” and an additional 50 percent on existing tariffs, the White Paper said that these measures — revealing the isolationist and coercive nature of US conduct — run counter to the principles of the market economy and multilateralism, and will have serious repercussions for the economic and trade relations between the two countries.
China has taken countermeasures to defend its national interests, including imposing tariffs on USD 23.6 billion worth of US exports, such as coal, crude oil, and passenger vehicles.
Xinhua said that the white paper mentioned that in response to America’s moves, China has taken “forceful countermeasures to defend its national interests, and has remained committed to resolving disputes through dialogue and consultation, with multiple rounds of consultations with the U.S. side to stabilize bilateral economic and trade relations.”
The trade war has led to a decline in US export volumes to China, with liquefied natural gas (LNG) exports dropping by 59.8% and car shipments falling by 33% since 2021.
The white paper underscored that the Chinese side has always maintained that China-US economic and trade relations are mutually beneficial and win-win in nature.
The white paper emphasizes the need for both countries to respect each other’s core interests and find solutions to trade disputes through dialogue and consultation.
The White Paper, as cited by Xinhua, noted, “As two major countries at different stages of development with distinct economic systems, it is natural for China and the United States to have differences and frictions in their economic and trade cooperation. It is crucial to respect each other’s core interests and major concerns, and find proper solutions to resolve the issues through dialogue and consultation”. (ANI)
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