China's Trade Tensions With US Remain High Ahead of Trump Inauguration

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Publish : 30 Dec 2024, 04:48 PM

Photo: Collected

Trade tensions with the United States remain a top challenge for China's foreign trade, an industry association said on Friday, as the world's second-largest economy braces for new obstacles under the incoming administration of US President-elect Donald Trump.

The China-related trade and economic friction index for 19 countries and regions stood at 118 in October, remaining at a high level, and the US had the highest index for trade friction with China, the China Council for the Promotion of International Trade said.

The total value of trade measures related to China implemented by the 19 countries and regions increased by 10.3 per cent year on year but decreased by 7.8 per cent month on month. The trade friction indices in the electronics, machinery, transport equipment, and light industry sectors remained high, the council said.

The global trade friction index for October stood at 102, down from 105 in September but still at a high level. It was down 10.3 per cent year on year and 7.4 per cent month on month.

Trump, who will begin his second term as US president on January 20, has threatened to impose additional tariffs of up to 60 per cent on imports from China and has raised the prospect of "an additional 10 percent" on top of that. Although it is not clear how the increases would be implemented, the looming risks have prompted importers to front-load deliveries of goods from China.

China's exports to the US have grown for seven consecutive months. In November, they surged 8 per cent year on year by value to US$47.3 billion, contributing to the highest trade surplus since September 2022, according to Chinese customs data.

"The Chinese business community is urging the US to genuinely adhere to World Trade Organization rules," said Sun Xiao, China Council for the Promotion of International Trade.

The Chinese business community is urging the US to genuinely adhere to World Trade Organization rules, immediately halt unilateral restrictions, and promote industry cooperation through dialogue and negotiation

In recent years, the US has escalated export controls on semiconductor products to China, continuously adding Chinese companies to its entity list, which "has had a serious impact on Sino-US semiconductor industry cooperation and has extended to sectors such as automotive and telecommunications," council spokesman Sun Xiao said at a news conference in Beijing on Friday.

On Monday, the outgoing Biden administration in the US announced a Section 301 trade investigation into "legacy" semiconductors made by China.

"The Chinese business community is urging the US to genuinely adhere to World Trade Organization rules, immediately halt unilateral restrictions, and promote industry cooperation through dialogue and negotiation," Sun said. "This will help safeguard the stability and security of global industrial and supply chains, injecting more momentum and certainty into the world economy."

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