Page 46 - 2020 White Paper on the Business Environment in China
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0 White Paper on the Business Environment in China
trade war was “against the interest of China, the October 2019
US, and the entire world”. US President Donald
Trump later told the media, “China called last Following a two-day meeting in Washington
night our trade people and said, ‘let’s get back to DC, Trump announced that negotiators from the
the table’, so we’ll be getting back to the table, US and China had reached a Phase 1 agreement
and I think they want to do something”. that will take several weeks to finalize. As part
of the Phase 1 agreement, China will reportedly
September 2019 purchase US$40-50 billion in US agricultural
products annually, strengthen intellectual
Trump said the Dow Jones Industrial Average property provisions, and issue new guidelines
would be "10,000 points higher" if he hadn't on how it manages its currency. Trump also
started a trade dispute with China. The comment announced that the US would delay a tariff
offers a rare acknowledgement that investors are increase scheduled to go into effect on October
nervous about his policies. Nevertheless, the US 15. The delay would apply to tariffs that were
began implementing tariffs on more than US$125 scheduled to increase to 30 percent on US$250
billion of Chinese imports. Beijing, in turn, began billion of Chinese goods. China says it will take
imposing additional tariffs on US$75 billion worth steps to ease foreign investment restrictions and
of goods including a five percent tariff on US technology rules. But key terms of the interim
crude oil. China then lodged a complaint against trade agreement, which is still not put to paper,
the US over import tariffs affecting US$300 billion remain elusive. Chile said it would no longer
of Chinese exports. This was the third lawsuit host a pair of global summits where Trump and
that China has brought to the WTO challenging Xi had originally planned to sign the announced
US tariffs against Chinese imports. Under WTO trade agreement. The cancellation, attributed
rules, Washington DC had 60 days to try to settle to a recent surge of unrest and protests in
the latest dispute. The US previously published the country, raises concerns about the fate of
a written defense for the first of the three legal negotiations.
cases brought by China, asserting that the current
set of tariffs should not be judged at the WTO. November 2019
Within days, China and the US agreed to hold
high-level trade talks in Washington DC. China’s China’s Vice Premier Liu He, US Trade
Tariff Commission of the State Council announced Representative Wright Heze, and US Treasury
it would exempt 16 types of US imports from Secretary Steven Mnuchin engaged in “serious
additional tariffs including products such as and constructive discussions” over the phone on
pesticides, animal feeds, lubricants, and cancer core trade concerns and reached a “consensus
drugs. Separately, President Trump tweeted that on principle” for the next round of trade talks.
the US had agreed to delay increasing tariffs on The White House said that “progress was made
$250 billion worth of Chinese imports from Oct. 1 in a variety of areas” and that “discussions will
to Oct. 15, out of respect for the People’s Republic continue at a deputy level.” By the end of the
of China’s 70th Anniversary, and “as a gesture first week in November, The US and China had
of good will.” In response to the US delaying the agreed to discuss rolling back tariffs on each
anticipated tariffs hikes to October 15, China’s other’s goods in phases. This will be done in
National Development and Reform Commission the same proportion and simultaneously, once
and Ministry of Commerce announced it would the two sides sign the Phase 1 deal. No further
exclude imports of US soybeans, pork, and other details were released. The same day, US National
farm goods from additional trade war tariffs. Economic Council director, Larry Kudlow,
Around mid-month, US and China held mid-level confirmed the Chinese claim of what a tariff
trade talks in Washington ahead of the high-level accord would look like, telling news media that:
trade talks scheduled for October. Still, China “If there’s a Phase 1 trade deal, there are going to
canceled planned visits to American farms in the be tariff agreements and concessions.” However,
Midwest, without offering any official reasoning. on Friday, November 8, Trump appeared to
contradict his own trade representatives. He told
46
trade war was “against the interest of China, the October 2019
US, and the entire world”. US President Donald
Trump later told the media, “China called last Following a two-day meeting in Washington
night our trade people and said, ‘let’s get back to DC, Trump announced that negotiators from the
the table’, so we’ll be getting back to the table, US and China had reached a Phase 1 agreement
and I think they want to do something”. that will take several weeks to finalize. As part
of the Phase 1 agreement, China will reportedly
September 2019 purchase US$40-50 billion in US agricultural
products annually, strengthen intellectual
Trump said the Dow Jones Industrial Average property provisions, and issue new guidelines
would be "10,000 points higher" if he hadn't on how it manages its currency. Trump also
started a trade dispute with China. The comment announced that the US would delay a tariff
offers a rare acknowledgement that investors are increase scheduled to go into effect on October
nervous about his policies. Nevertheless, the US 15. The delay would apply to tariffs that were
began implementing tariffs on more than US$125 scheduled to increase to 30 percent on US$250
billion of Chinese imports. Beijing, in turn, began billion of Chinese goods. China says it will take
imposing additional tariffs on US$75 billion worth steps to ease foreign investment restrictions and
of goods including a five percent tariff on US technology rules. But key terms of the interim
crude oil. China then lodged a complaint against trade agreement, which is still not put to paper,
the US over import tariffs affecting US$300 billion remain elusive. Chile said it would no longer
of Chinese exports. This was the third lawsuit host a pair of global summits where Trump and
that China has brought to the WTO challenging Xi had originally planned to sign the announced
US tariffs against Chinese imports. Under WTO trade agreement. The cancellation, attributed
rules, Washington DC had 60 days to try to settle to a recent surge of unrest and protests in
the latest dispute. The US previously published the country, raises concerns about the fate of
a written defense for the first of the three legal negotiations.
cases brought by China, asserting that the current
set of tariffs should not be judged at the WTO. November 2019
Within days, China and the US agreed to hold
high-level trade talks in Washington DC. China’s China’s Vice Premier Liu He, US Trade
Tariff Commission of the State Council announced Representative Wright Heze, and US Treasury
it would exempt 16 types of US imports from Secretary Steven Mnuchin engaged in “serious
additional tariffs including products such as and constructive discussions” over the phone on
pesticides, animal feeds, lubricants, and cancer core trade concerns and reached a “consensus
drugs. Separately, President Trump tweeted that on principle” for the next round of trade talks.
the US had agreed to delay increasing tariffs on The White House said that “progress was made
$250 billion worth of Chinese imports from Oct. 1 in a variety of areas” and that “discussions will
to Oct. 15, out of respect for the People’s Republic continue at a deputy level.” By the end of the
of China’s 70th Anniversary, and “as a gesture first week in November, The US and China had
of good will.” In response to the US delaying the agreed to discuss rolling back tariffs on each
anticipated tariffs hikes to October 15, China’s other’s goods in phases. This will be done in
National Development and Reform Commission the same proportion and simultaneously, once
and Ministry of Commerce announced it would the two sides sign the Phase 1 deal. No further
exclude imports of US soybeans, pork, and other details were released. The same day, US National
farm goods from additional trade war tariffs. Economic Council director, Larry Kudlow,
Around mid-month, US and China held mid-level confirmed the Chinese claim of what a tariff
trade talks in Washington ahead of the high-level accord would look like, telling news media that:
trade talks scheduled for October. Still, China “If there’s a Phase 1 trade deal, there are going to
canceled planned visits to American farms in the be tariff agreements and concessions.” However,
Midwest, without offering any official reasoning. on Friday, November 8, Trump appeared to
contradict his own trade representatives. He told
46
