China and the United States are sending goods to each other at the fastest pace in recent years, making the world’s largest bilateral trade relationship look like a protracted tariff war and epidemic, according to the Bloomberg News website. Never happened before.
Reports say that 18 months after the Trump administration signed the Sino-US trade agreement, the agreement can only be regarded as a truce at best. The U.S. trade deficit has not narrowed, most tariffs have not been lifted, and the agreement does not advance negotiations on other economic issues. However, reports pointed out that although relations between the two countries continue to deteriorate in other areas, bilateral trade has remained stable.
The total value of Sino-US trade in goods in the first half of the year was 2.21 trillion yuan
A year-on-year increase of 34.6%
The State Council Information Office held a press conference on import and export conditions in the first half of the year. Mr. Li Kuiwen, spokesperson of the General Administration of Customs and Director of the Statistics and Analysis Department, introduced the import and export situation in the first half of 2021. In the first half of the year, the total value of bilateral trade in goods between China and the United States was 2.21 trillion yuan, a year-on-year increase of 34.6%. Exports to the United States were 1.64 trillion yuan, an increase of 31.7%, of which exports of mechanical and electrical products were 1.01 trillion yuan, an increase of 34.2%, and exports of labor-intensive products were 372.2 billion yuan, an increase of 24.1%. Looking at specific products, computers, mobile phones, home appliances, clothing, plastic products, and furniture all maintained growth.
my country imported 570.65 billion yuan from the United States, an increase of 43.9%. Among them, the import of mechanical and electrical products was 238.86 billion yuan, an increase of 13.4%; the import of agricultural products was 136.01 billion yuan, an increase of 120.8%.
In the week of the press conference, the US Treasury Secretary finally told the truth:
Trump’s clamor for the Sino-US trade agreement to suppress China has resulted in additional Sino-US tariffs, but it turns out that American consumers are footing the bill – which actually hurts the United States!
U.S. Treasury Secretary Janet Yellen finally said this, which has a general consensus in the economic community The truth: Trump’s Sino-US trade agreement has not produced the so-called “balancing Sino-US trade” that has been hyped in the past. It has only brought huge pressure to the general public in the United States. The reason is very simple: the United States relies on a large number of Chinese-made products and products. Services, additional tariffs all fall on American consumers.
So, the tariffs imposed on China are ultimately hurting American consumers and the overall U.S. economy.
Dozens of business groups in the United States call on Biden
Remove tariffs and restart trade with China Negotiations
According to the “Wall Street Journal” report on August 6, U.S. retailers, chip manufacturers, farmers and nearly 36 other most influential business groups Representatives sent a letter to Trade Representative Dai Qi and Treasury Secretary Yellen on the 5th, calling on the Biden administration to restart negotiations with China and reduce import tariffs to avoid dragging down the U.S. economy.
The letter states that China has met the “important benchmarks and commitments” in the 2020 Phase One trade agreement, including opening its market to U.S. financial institutions and It has reduced some regulatory obstacles for the United States to export agricultural products to China. The U.S. government should also give priority to the interests of its own workers when formulating policies and eliminate tariffs that harm U.S. interests by raising costs.
And expressed support for continued engagement with China on trade and economic issues. At the same time, the letter also includes strong support for the first phase of the China-US economic and trade agreement.
According to reports, since the Biden administration came to power, it has retained its policies related to China during the Trump administration. The policy of imposing tariffs on imported goods, and currently about half of the goods imported by the United States from China are subject to additional tariffs, all of which are paid by American importers.
According to reports, the Biden administration has never stated whether it intends to maintain the additional tariffs on Chinese goods, and has basically not made any decision on whether to implement the second agreement between China and the United States. The phase one economic and trade agreement may seek to extend the agreement to send a signal.
U.S. government officials have previously said that the relevant assessment work is expected to continue until sometime this fall. However, judging from the statements of these industry organizations, the majority of American companies have become increasingly disappointed with the speed at which the Biden administration evaluates China’s trade and economic policies.
It is understood that these groups include some of the most influential large business associations in Washington, in addition to the above-mentioned U.S. In addition to the National Chamber of Commerce, there are also the Business Roundtable, the National Retail Federation, the American Farm Bureau Federation and the Semiconductor Industry Association.
At present, spokespersons for the Office of the U.S. Trade Representative and the Treasury Department have not responded to requests for comment.
Esquel Group won preliminary victory in suing the US government
It is expected to be removed from the Entity List China moved out
The U.S. End-User Review Committee ultimately voted to , removed Changji Esquel, a subsidiary of Hong Kong textile and apparel maker Esquel Group, from the so-called Entity List under certain conditions.
End-User Review Committee (End-User Review Committee) consists of representatives from the U.S. Department of Commerce, State Department, and Department of Defense Interagency representatives from the Department of Energy, the Department of Energy, and the Department of the Treasury (if applicable) are responsible for determining whether to include an entity on the Entity List. “The parties are currently engaged in further discussions regarding these conditions,” the latest motion states. In the motion, the parties asked the U.S. District Court for the District of Columbia to postpone the next scheduled hearing in the case until September while the parties continue discussions and the litigation is ongoing. Esquel Group is a diversified cotton textile business group. The company’s business areas include cotton planting, spinning, weaving, clothing, export and retail. It is a multinational company. Its main products are the production and export of cotton shirts; customers Including ready-to-wear brands such as French Crocodile, Marks & Spencer and Tommy Hilfiger, the annual supply exceeds 70 million pieces. On July 20, the official website of “Esquel Group” issued a statement: “Esquel Group filed a preliminary injunction motion with the U.S. court regarding the inclusion of its subsidiary in the Entity List.”
China-U.S. trade is turning for the better
Textile market confidence may be boosted
The textile market is about to enter September. As the peak season for textile production in previous years, the market has appeared calm recently, continuing the sluggish production and sales situation. Most companies have accelerated the progress of price cuts and destocking. In addition, as the price reduction promotion of polyester factories failed, the acquisition of weaving factories was relatively slow, mainly due to weak prices. Textile companies were in a wait-and-see mode, and textile companies were also very cautious in purchasing raw materials. At present, with the optimistic development direction of Sino-US trade, all aspects of the industrial chain generally hope to achieve more favorable progress, and look forward to a situation that will boost market confidence at the beginning of the peak season.
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