The United States has filed its first trade case against China with the World Trade Organization, accusing the Asian power of restricting exports of certain raw materials to give Chinese manufacturers "unfair advantages."
Trade Representative Ron Kirk says the U.S. is "deeply troubled at what appears to be a conscious policy to create unfair advantages for Chinese industries" by restricting exports of raw ingredients used in steel, aluminum and chemicals.
Kirk said Tuesday dialogue was the preferred method to settle the dispute, but that China has not changed its policies despite the U.S. raising the issue repeatedly.
The European Union also requested formal WTO action with China on the issue.
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1 year ago
Lifting these trade restrictions would help the Chinese economy, since trade increases the GDP and allows more than one country to prfit at the same time. By having a more protectionist outlook, they are losing out on profits that could be made through trade, and we all know that when two contries trade goods they are both better off.
ReplyDeleteThe Chinese seem to be concerned solely with their own countries economic improvement. I agree with Jacinta Tatman, the Chinese could only help themselves by trading.
ReplyDeleteI agree that the increase of trade would benefit both countries, I think that currently we're too dependant on Chinese imports. The Chinese are more concerned with their own development, as Ben Eades said, but that falls not only on economic but political as well. Any increase in trade creates an increase in restrictions their government will have to impose on the Chinese people.
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