China’s Ministry of Commerce criticized the Biden administration’s annual report released this week on foreign trade barriers, saying it “arbitrarily accused China of so-called ‘non-market’ policies and practices and barriers in agricultural products, data policies and other aspects.” A ministry spokesperson told reporters. in response to a question about the report, that “whether a country's trade policy constitutes a barrier should be judged based on whether it violates” World Trade Organization rules, according to an unofficial translation. “The United States should stop making false accusations against other countries, earnestly abide by WTO rules, and jointly safeguard a fair and just international trade order.”
Exports to China
Australia and China recently notified the World Trade Organization that they are ending their dispute involving Chinese antidumping and countervailing duties on wine from Australia (see 2310230060. The WTO circulated the notification to WTO members April 3, the trade body announced.
The European Commission on April 3 imposed antidumping duties on certain polyethylene terephthalate from China, ranging from 6.6% to 24.2%, for the next five years, the Directorate-General for Trade announced. The duties stem from an EU investigation finding that Chinese PET imports sold at "artificially low prices" were "undercutting EU industry's prices." The move finalizes and continues the provisional duties, set Nov. 27.
Speakers on a Georgetown Law Center on Inclusive Trade and Development panel this week dismissed the possibility of the U.S. and China negotiating a compromise or agreement on guardrails for when it's appropriate to make trade or investment restrictions based on national security.
The International Trade Commission is preparing for new Chinese export controls on germanium and gallium to have a potentially “significant” impact on global supply chains, it said in a recently issued executive trade briefing (see 2307050018).
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President Joe Biden spoke April 2 with Chinese President Xi Jinping, raising concerns about Chinese “support” for Russia’s defense industrial base and the importance of U.S. technology export controls. “The President emphasized that the United States will continue to take necessary actions to prevent advanced U.S. technologies from being used to undermine our national security, without unduly limiting trade and investment,” the White House said in a readout of the two leaders’ phone call. The White House also said Secretary of State Antony Blinken and Treasury Secretary Janet Yellen plan to visit China.
Beijing is looking to grow Renminbi-based financial networks to create an alternative to the dollar-dominated global financial system, which could help the country shield itself from some Western sanctions if it invades Taiwan, researchers and policy experts said this week. Although China isn’t yet ready to rely on those networks, that could change within several years, experts said.
Sen. Sherrod Brown, D-Ohio, who has opposed the proposed acquisition of U.S. Steel Corp. by Japan-based Nippon Steel Corp. since it was announced in December (see 2312200056), said April 2 that a new report about Nippon Steel’s ties to China provides another reason for the Biden administration to reject the deal.
U.S. government officials at the Bureau of Industry and Security’s annual conference last week underscored the value of Mandarin-language skills when conducting due diligence on potential Chinese customers.