China raises concerns with the US over export controls, sanctions, and tariffs. When he met with U.S. Commerce Secretary Gina Raimondo on Thursday, China’s Commerce Minister raised concerns about the United States restrictions on semiconductor exports to China, as well as penalties on Chinese enterprises and tariffs on imports from China, according to a statement released by his ministry on Friday.
In San Francisco, Wang Wentao informed Raimondo that “it is very important the two sides discuss the boundary between national security concerns and trade and economic cooperation,” according to a release. Wang Wentao said this.
The United States and China, the two largest economies in the world, used to be each other’s greatest trade partners in the past. However, despite both countries’ governments openly opposing decoupling, China is now dealing more with Southeast Asia, while the United States is trading more with its neighboring countries of Canada and Mexico.
“Wang Wentao expressed concern about the final rules of the U.S. semiconductor export controls against China, sanctions against Chinese companies, two-way investment restrictions, and Section 301 tariffs,” according to the country’s commerce ministry.
U.S. President Joe Biden has maintained extra tariffs put on a wide variety of Chinese goods by the previous administration of Donald Trump. He has also introduced new limitations that prevent the sale of sophisticated semiconductors and the equipment used to create them, claiming security concerns as the justification for these actions.
As a result of increased demand in both directions, two-way trade in 2017 reached a new high of $690 billion, with the United States increasing its purchases of Chinese consumer goods and Beijing increasing its investments in agricultural commodities and energy from the United States.
According to figures provided by the United States Census Bureau, two-way trade flows through September were $104 billion, or 19%, lower than through the first nine months of 2022. This year, however, is off to a substantially slower pace than 2022.
According to the statement released by China’s Ministry of Commerce, Wang and Raimondo reached an agreement to schedule the first meeting of a commerce working group at the deputy minister level for the first quarter of 2024.