Beijing has issued a strong warning to Washington amid escalating trade tensions. In response to recent statements from US Trade Representative Jamieson Greer, China’s Commerce Ministry spokesperson affirmed that Beijing will take all necessary measures to protect its legal interests.
Greer had announced that the US intends to advance its Section 301 investigation into China’s compliance with the Phase One trade deal, potentially leading to new tariffs. This comes years after the agreement took effect in early 2020, aimed at resolving long-standing disputes over intellectual property, market access, and agricultural purchases.
The Chinese spokesperson highlighted Beijing’s steadfast commitment to the deal despite unprecedented challenges. ‘China has fulfilled its promises on time, strengthening IP protections, opening financial and agricultural markets, and expanding trade cooperation, even amid the sudden COVID-19 pandemic, supply chain disruptions, and global economic downturn,’ the spokesperson stated.
In stark contrast, the US has imposed stricter export controls on China and restricted bilateral investments, undermining the spirit of the agreement and deteriorating implementation conditions. China has detailed these discrepancies in an official white paper, laying out facts to distinguish right from wrong.
Recent progress offers hope. Since last year, China and the US have held five rounds of trade and economic consultations, achieving significant milestones. Beijing urges Washington to view Phase One implementation objectively and rationally. China seeks deeper cooperation, but warns that any further escalation of investigations will prompt resolute countermeasures to safeguard its rights.
As global markets watch closely, this exchange underscores ongoing frictions in the world’s two largest economies. With supply chains intertwined and inflation pressures mounting, both sides face incentives for dialogue, yet rhetoric suggests a rocky path ahead.