This includes China having to honor the commitments it accepted under the original trade deal it signed with the US in January 2020, as well as putting pressure on China over the issue of subsidies it offers to give its industries a competitive advantage. So far, China is on track to reduce its 2021 purchase commitments by more than 30 percent after falling more than 40 percent last year, according to Chad P. Bown, a senior fellow at the Peterson Institute for International Economics who tracks purchases. The Biden administration may face an even more difficult task in reaching a trade deal with China than the Trump administration did four years ago. Republican lawmakers are on the verge of jumping on any perceived weakness in China by Biden, and diplomatic and economic relations between the two countries have deteriorated. Technology is considered the most important part of the U.S. economy. [35] According to U.S. Trade Representative Robert E. Lighthizer, China pursues a policy of “forced technology transfer” alongside the practice of “state capitalism,” including the purchase of U.S. technology companies and the use of cyber theft to obtain technology.
[35] As a result, Trump administration officials took steps in early 2018 to prevent state-controlled Chinese companies from buying U.S. tech companies and attempted to prevent U.S. companies from handing over their key technologies to China to cost them entry into their market. [35] According to political analyst Josh Rogin: “It was believed that China would develop a private economy that would prove compatible with the WTO system. China`s leaders have made the political decision to do the opposite. Now we have to react. [35] Hun Quach, vice president of international trade at the Retail Industry Leaders Association, said the tariffs will impact U.S. family budgets by raising prices for everyday items. [286] [298] [299] The guide deals with U.S.-China relations in general; the general trade situation between the two countries and specific issues such as trade disputes and trade assistance measures; the U.S. trade deficit with China; U.S. trade and Chinese state-owned enterprises, valuation of market and non-market economies, and competitiveness; China`s monetary policy; and investments between the United States and China.
Statistical resources, selected journals and databases are also provided. Also included are links to research in the Library of Congress catalog that allow users to find additional works on the subject. Select the topics you want to search for from the list of topic headers included in each section of the Library of Congress to create a direct link to the catalog and automatically search for the selected topic. Not all relevant topic titles have been included, but should be a good place to start. For assistance, please contact a librarian. As of October 2020, China`s total year-to-date imports of covered products from the United States were $75.5 billion, compared to a prorated target of $137.3 billion year-to-date. Over the same period, U.S. exports to China for covered products amounted to $70.3 billion, compared to an annual target of $125.4 billion.
In the first ten months of 2020, China`s purchases for all products covered were therefore only 56% (US exports) and 55% (Chinese imports) of their previous annual targets. Lau argues that one of the main causes of the trade war is the growing struggle between China and the United States for global economic and technological dominance. He says, “It is also a reflection of the rise of populism, isolationism, nationalism and protectionism almost everywhere in the world, including in the United States.” [268] Hexuan Li provided excellent data support, William Melancon and Oliver Ward helped with the charts. Last week, the United States and Europe announced new trade cooperation aimed in part at countering China`s authoritarian practices, including state intervention in the economy and illegal technological surveillance. A November 2019 Financial Times article indicates that the trade war since August 2019 has hit U.S. manufacturers harder than Chinese manufacturers. [227] [to be updated] For U.S. export data and Chinese import data, the 2020 phase first target for additional trade (in addition to the 2017 baseline) is $12.5 billion (agriculture), $32.9 billion (industrial goods) and $18.5 billion (energy). These objectives are set out in Annex 6.1 of the Agreement. A May 2019 article written by Howard Gleckman of the Tax Policy Center argued that the effects of the trade war would eliminate “most or all” of the benefits of the Tax Cuts and Employment Act for low- and middle-income households. [319] [320] This research guide provides selected sources of information for those researching U.S. trade with China.
The target group ranges from business politicians, scientists, analysts and businessmen to students and the general public interested in the United States…