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The following article was published in our article directory on October 8, 2010.
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U.S. Special Tariff Bill or Hinder Global Economic Recovery

Article Category: World Affairs

Author Name: xia zihui

U.S. House of Representatives Ways and Means Committee voted 24 to a so-called undervalued currencies of the countries impose special tariffs bill aimed at China exports to the U.S. products. China Securities Journal that the provisions of this Act contrary to the WTO, with a strong trend of trade protectionism. China and the U.S. are each other's third largest trading partner, if the bill is finally implemented, the escalation of trade disputes between China and the U.S. will be a heavy blow to the global economy.

The bill proposed by the United States could not find any legal support. Undervalued currency bill said the manufacturer if the benefits related to export, the U.S. Department of Commerce may be considered a "hidden subsidies" and to levy anti-dumping duties. At present, both the WTO regulations or the U.S. Trade Act, do not have a provision to issue currency and export subsidies together.

Act for special tariff rates is the continuation of the idea of trade protectionism, but also the United States planned a "show." To solve the problem of domestic employment, export Obama proposed plan to double early, but the implementation of the results are unsatisfactory. In the second quarter than in the first quarter of the U.S. trade deficit increased by 12.9% to 123.3 billion U.S. dollars, for the 4th consecutive quarter of growth. Right now the United States unemployment rate has reached 9.6%, resulting in the consumer market in the doldrums, thereby affecting the overall economic recovery. In the occasion of the upcoming mid-term elections, politicians have once again thrown the U.S. currency card, a transfer of domestic line of sight too.

Of course, the possibility of the bill final legislative still suspense. Even if the House of Representatives voted, in particular, also need to the Senate the Tariff Act of the legislative process. Prior to the Senate who has hinted, it is impossible for such a bill in 2010 to vote, even if the Senate president has the power to veto the bill.

Current U.S. are each other's third largest trading partner, once the special tariff bill was passed, it will seriously harm Sino-US trade, which is not conducive to redress the trade imbalance may also lead to a chain reaction, or even a global trade war broke out, the results only can be "lost more than harms."

First, China's export products and export enterprises will be subject to tackle. Particularly given the Tariff Act of broader U.S. Commerce Department's "discretion", that is, all Chinese exports to the U.S. may have to accept trade investigations, impose punitive tariffs, which is unprecedented. China's share of exports to the U.S. accounting for about 18% of all exports, impose special tariffs if China's exports will be badly hit.

Secondly, if the United States by violating the provisions of the WTO to punish China, will face multiple risks, including loss of support from other countries, triggered a global trade war and the destruction of decades of hard work to establish the free trade system and so on. Some well-known historical cases of trade protection is also very good explanation. June 1930, the United States issued the "Tariff Act", a substantial increase tariffs on 2,000 kinds of imported goods, led to Britain, France and the United States and other countries to take retaliatory tariffs, the scale of global trade was in 1929 -1934 years, shrinking by about 66%.

Once again, American businesses and consumers will pay for special duties. China has become the world's largest exporter, Asian countries have a large part of exports by China in the processing and then exported to other countries. Export enterprises in China have many foreign enterprises, the production of a large number of U.S. manufacturing outsourcing to Asia, the industrial chain integration has been entrenched. Tariff changes will make the production chain, both upstream and downstream industries hit, rising production costs and consumers will ultimately bear the American company, which also is not conducive to recovery in domestic consumption. U.S. Chamber of Commerce have signed a letter of 36 Congress, strongly opposed by special tariff bill, the bill also unpopular.

Finally, the way the global economic recovery will be hindered. Asian economies including China have made great contributions to the global economic recovery. But the recovery in exports in the event of abortive trade protectionism against the Chinese economy will moderate a blow to the global capital market volatility. In the United States and Europe risks remain the case, if the global economy "double dip" the road to recovery will become more lengthy.

As Premier Wen Jiabao has said, the exchange rate issue is not the main cause of trade imbalance between China and the United States, the structure of investment and savings is the main reason the U.S. trade deficit. In fact, the international financial crisis, U.S. exports to China have increased in market share. In 2009, the share of exports in the United States, China 6.8%, compared with 2008, an increase of 1.4 percentage points. This means that the United States since 2008 to reduce the share of the Japanese market to the Chinese market to all its part of the increase is equivalent to half of U.S. exports to Brazil. China Securities Journal that the current situation, whether prospects or trade structure trade between China and are complementary. If the U.S. authorities from the common interests of both sides, seeking common ground to solve the problem, but insisted to the other pressure, the result can only be a "dog in the manger," eventually "shooting itself in the foot."

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