China’s primary international trade promotion organization announced on Thursday that it will monitor the tariffs imposed by the US under Section 301, support key industries and companies in enhancing their risk management capabilities, and take necessary measures to safeguard the interests of Chinese businesses. During a press briefing in Beijing, a spokesperson for the China Council for the Promotion of International Trade (CCPIT) emphasized the importance of continued cooperation between Chinese and US businesses, despite the increasing protectionist measures from Washington.
Addressing the new US tariffs, CCPIT spokesperson Zhao Ping stated that these tariffs will ultimately negatively impact US importers, manufacturing companies, and consumers. Zhao cited remarks from US business executives highlighting development opportunities in China. According to a report from the American Chamber of Commerce in China, more than half of US companies view China as their top investment destination, with over 90 percent planning to continue their operations in the country. Zhao emphasized that there is a strong foundation for mutual trust and cooperation between the business communities of China and the US. Zhao also expressed criticism of the Section 301 tariffs imposed by Washington.
“We will closely monitor the progress of the US imposition of Section 301 tariffs on China, implement targeted measures to help enterprises in key industries enhance their risk prevention and response capabilities, and take all necessary actions to protect the legitimate rights and interests of Chinese businesses,” Zhao stated. The US government announced increased tariffs on a range of Chinese products, including electric vehicles, EV batteries, semiconductors, and medical products, effective August 1. This move has drawn criticism from Chinese officials.
Experts suggest that despite the escalating trade tensions and protectionist policies from the US, it is unlikely to completely sever business cooperation between Chinese and US firms due to significant mutual interests. “Trade tensions between China and the US are high and worsening, but both markets have substantial demand. The complementarity of the Chinese and US markets provides a strong foundation for cooperation, and businesses from both countries aim to benefit from such collaboration,” said Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation.
This perspective is reflected in the success and expansion of some US businesses in the Chinese market. Companies like Tesla and Apple have achieved significant success and have announced expansions in China. For instance, Apple saw a 52 percent year-on-year increase in iPhone shipments in China in April, highlighting the market’s potential for foreign businesses. “Given the significant interest in bilateral cooperation, US businesses should advocate for continued cooperation,” Zhou added, noting that despite the challenges, innovative methods for collaboration can still be found.
Li Yong, a senior research fellow at the China Association of International Trade, commented that the US’s protectionist measures violate global trade rules. “There is no doubt that the US’s actions are misguided,” Li stated, suggesting that Chinese companies should remain resilient, continue their operations, and uphold multilateralism and cooperation.
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