Chinese, foreign business associations oppose U.S. trade protectionism
People from business communities of different countries have voiced their opposition to U.S. trade protectionism, saying it damages global multilateral trading system and increases chaos and uncertainty of the world economy, Xinhua reported.
Kim Sam Soo, director of the Korea Trade-Investment Promotion Agency's Beijing Office, said companies in the Republic of Korea (ROK) are worried about the Sino-U.S. trade frictions.
He told a symposium highlighting global economic and trade prospects Thursday that the ROK's exports to China would plummet by 20 percent if U.S. imports from China contracted by 10 percent, citing a domestic survey.
Co-hosted by the China Council for the Promotion of International Trade (CCPIT) and China Chamber of International Commerce, the forum has attracted business professionals from different countries.
Michael House, chief representative of U.S. law firm Perkins Coie in Beijing, said the recent trade policies taken by the United States run against the trend of trade liberalization and breach the obligations of the United States under the World Trade Organization.
Sebastian Fritz, counsel with the German Industry and Commerce Greater China, also denounced the U.S. trade protectionism, and gave China credit for its commitment to opening-up to the world and to Germany in particular.
On June 28, China unveiled a shortened negative list for foreign investment to widen market access in primary, secondary as well as tertiary sectors.
Wang Guiqing, vice president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said that China-U.S economic and trade cooperation involve more than the two countries.
Statistics from China's Ministry of Commerce (MOC) show that around 59 percent of products worth 34 billion U.S. dollars subject to additional tariffs are made by foreign firms in China, with American firms making up a considerable part.
"By imposing additional tariffs on the Chinese products, the United States is actually damaging the world's industrial chains, and other countries involved will also suffer," said Wang.
Lu Pengqi, vice chairman of the CCPIT, said the protectionist measures taken by the U.S. disrupted world economic order, and severely harmed the legitimate interests of global industrial and business circles.
Lu also warned of the ripple effect and more unilateral or regional actions across the world. "The U.S. moves are not conducive to its own economic growth, and increase the chaos and uncertainty of the world economy."
Despite the opposition, the 25-percent additional tariffs imposed by the U.S. administration on Chinese products worth 34 billion U.S. dollars took effect on Friday.
The Chinese side, having vowed not to fire the first shot, is forced to stage counterattacks to protect its core national interests, the interests of its people as well as the world's multilateral trading system.