Summary US says falling trade with China could be positive www.bbc.com
1,464 words - html page - View html page
One Line
The United States views the decline in US-China trade as a positive sign of diversification, despite a 17% drop in 2022 due to global divisions, and is investigating Chinese cars as a potential security risk.
Slides
Slide Presentation (8 slides)
Key Points
- The US says falling trade with China could be a positive development, indicating diversification on both sides
- Trade between the US and China has declined, with the US buying 20% less from China and China buying 4% less from the US in 2022
- The US has cited national security concerns as a reason for investigating potential risks from Chinese-made cars
- The World Trade Organization (WTO) is trying to help the US and China resolve their trade differences, as the world risks splitting into two trading blocs
- The US has been pushing for reform of the WTO, arguing that the current system favors China at the expense of the US
- China has called for the US and China to work together on global challenges and hopes the US will move in the same direction
- The decline in US-China trade appears to be a sign that both economies are moving away from each other, with some Chinese companies shifting production or routing goods through third countries to avoid tariffs
Summaries
24 word summary
US sees declining US-China trade as positive, indicating diversification. Trade fell 17% in 2022 amid global divisions. US investigates Chinese cars as security risk.
48 word summary
The US sees falling US-China trade as positive, indicating diversification. Trade between the world's largest economies fell 17% in 2022 amid global divisions. The US is investigating Chinese-made cars as a national security risk. China's economic growth creates competitive pressures, and the WTO needs reform, says the US.
122 word summary
The US trade representative suggests the drop in US-China trade could be positive, indicating diversification. Trade between the world's two largest economies fell 17% in 2022 amid global divisions. The US is investigating Chinese-made cars as a potential national security risk. Trade expert Reinsch notes some US imports from Southeast Asia come from Chinese companies moving production or products through third countries to bypass tariffs. Ambassador Tai says China's economic growth is creating competitive pressures, and the WTO needs reform. The US has led WTO reform calls, disabling the dispute resolution body. Trade relations have worsened under Biden, with both countries imposing new barriers. The WTO Director-General warns the US-China division could cost the global economy 5% of GDP amid economic struggles.
358 word summary
The US trade representative, Katherine Tai, has suggested that the steep drop in trade between the US and China could be a positive development, indicating diversification on both sides. Trade between the world's two largest economies fell by 17% last year, amid deepening divisions in the global economy.
The US has announced an investigation into what it sees as a potential national security risk from Chinese-made cars, citing concerns that tech-connected vehicles could collect personal data or be controlled remotely. This move has been described as "unprecedented" by the White House, which sees it as a fair response to Chinese policies that impose restrictions on foreign car companies.
Trade between the two countries hit a record high in 2022 but has since declined as many US companies move production outside of China and feel the impact of tariffs. Trade expert William Reinsch notes that some of the increased imports from Southeast Asia into the US are coming from Chinese companies that have either moved production or are simply moving their products through third countries to circumvent tariffs or other restrictions.
Ambassador Tai has stated that China's economic development is creating competitive pressures around the world, and the World Trade Organization (WTO) needs to be reformed to better address these pressures. The WTO's major meeting in Abu Dhabi has been extended into a fifth day as members seek to reach agreement on updating the rules of global trade.
The US has been leading calls for WTO reform in recent years, with the Trump administration disabling the dispute resolution body by blocking the appointment of new judges. This stance has continued under the Biden administration, despite the team revealing little publicly about the changes they want.
Trade relations between the US and China have worsened under the Biden administration, with both countries imposing new barriers on trade, including restrictions on computer chip exports. The Director-General of the WTO has warned that the division between the US and China could do "real damage to the world economy," potentially costing the global economy 5% of its GDP at a time when growth is already struggling due to higher interest rates and inflation.
496 word summary
The US trade representative, Katherine Tai, has suggested that the steep drop in trade between the US and China could be a positive development, indicating diversification on both sides. Trade between the world's two largest economies fell by 17% last year, amid deepening divisions in the global economy.
The US has announced an investigation into what it sees as a potential national security risk from Chinese-made cars, citing concerns that tech-connected vehicles could collect personal data or be controlled remotely. This move has been described as "unprecedented" by the White House, which sees it as a fair response to Chinese policies that impose restrictions on foreign car companies.
Last year, the amount of goods the US bought from China fell by over 20% to $427 billion, while Chinese imports to the US fell by 4% to just under $148 billion. Consumer electronics, machinery, and clothing have been some of the biggest trade items in recent years. Trade between the two countries hit a record high in 2022 but has since declined as many US companies move production outside of China and feel the impact of tariffs.
Trade expert William Reinsch of the Centre for Strategic and International Studies says the decline in US-China trade appears to be a sign that both economies are moving away from each other. However, he notes that some of the increased imports from Southeast Asia into the US are coming from Chinese companies that have either moved production or are simply moving their products through third countries to circumvent tariffs or other restrictions.
Ambassador Tai has stated that China's economic development is creating competitive pressures around the world, and the World Trade Organization (WTO) needs to be reformed to better address these pressures. The WTO's major meeting in Abu Dhabi has been extended into a fifth day as members seek to reach agreement on updating the rules of global trade, with issues such as fishing subsidies, extending a ban on e-commerce tariffs, and WTO reform being discussed.
The US has been leading calls for WTO reform in recent years, with the Trump administration disabling the dispute resolution body by blocking the appointment of new judges. This stance has continued under the Biden administration, despite the team revealing little publicly about the changes they want.
Trade relations between the US and China have worsened under the Biden administration, with both countries imposing new barriers on trade, including restrictions on computer chip exports. The Chinese Embassy in Washington has stated that upholding sound and steady growth of China-US economic and trade ties serves the fundamental interests of both countries and is conducive to global economic growth.
The Director-General of the WTO, Dr. Ngozi Okonjo-Iweala, has warned that the world should be "very careful" as the division between the US and China could do "real damage to the world economy," potentially costing the global economy 5% of its GDP at a time when growth is already struggling due to higher interest rates and inflation.