Whatâ€™s At Stake In China Trade Talks For U.S. Companies
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Whats at Stake in China Trade Talks for U.S. COMPANIES
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Whats at Stake in China Trade Talks for U.S. Companies
How tariffs work and what they mean for companies, workers, and consumers
The purpose of tariffs is to limit the imports by raising the prices of products and services purchased from foreign counties so that they do not sound attractive to customers. In this regard, a particular tariff is levied depending upon the type of the product, for example, 1,500 tariff on a car. Tariff is also levied on the basis of the monetary value of a particular item for instance, 15 on the value of the product. Tariffs are often a fixed charged on a product. Another purpose of tariffs is to increase the governments revenue. In addition, tariffs are useful to protect local industries especially the new ones from overseas competitors. Therefore, domestic companies and industries benefit if tariffs are levied on imported products.
In this way, local workers get security because they are the ones who play a vital role in running the industry. Besides, for the benefit of certain industries, governments tend to exempt them from any type of tariffs. China and America are the two biggest economies in the world. In this context, they are also the trade rivals recently, President Trump hinted to impose 150 billion of tariff on 1300 exports of China. In order to counter, China aims to introduce 25 tariff on products U.S. products such as soya beans, vehicles, and aircraft, and the amount of tariffs is expected to be 50 billion. If these tariffs are imposed by the U.S. and Chinese governments then will be hugely affected, and industries of both countries would suffer (Dal Porto, 2018).
Both America and China are the big markets, and it is in the interest of these countries industries to develop good trade relations with each other. In this manner, consumers will be benefitted as they will have a variety of products. China achieved economic growth on low-cost exports of machinery and equipment. If the government of the United States levies tariff on Chinese products then China will target the agricultural sector and the automobile industry which are key industries of the United States (Dal Porto, 2018). As a result, it will impact the broader American Society the overall prices in Wal-Mart will be at stake, and consumers falling in the low-income category will be affected (Whats at stake in China trade talks for U.S. companies, 2019). Subsequently, it may take some jobs.
United States Approach towards trade negotiations with China
The United States has adopted the right approach that it is negotiating with China, and officials are hopeful that they will reach some agreement. Some issues were highlighted in the negotiations. Discussions and meetings are the right way to resolve mutual differences, and both parties can reach some conclusion. Had Trump administration not gone for dialogues tension between both the sides would have further escalated. In order to settle things, a number of meetings should be conducted. The United States has realized that China cannot be sidelined by adopting strict policies against them, and that is the reason why the former has come to the negotiation table with the latter.
The dialogues have been effective as Chinese authorities have shown willingness in allowing foreign companies to take part in panels that could set criterion regarding critical industrial issues, such as fuel-economy averages in the context of vehicles. More round of negotiations would be instrumental in settling further issues between the two countries (De Graaff, Van Apeldoorn, 2018). It is indeed a way forward as both the countries will be able to build a framework or at least can agree on different aspects of the mutual trade.
Moreover, American officials said the structural reforms were the major concerns raised during the talks with China. America wants China to make fundamental structural reforms also, America discussed the purchase of American goods and services with China. Both sides need to show flexibility in order to come to the common orders and making an agreement in mutual interest.
Can the U.S. succeed in getting what it wants from China
It wont be easy for the United States in succeeding to get what it wants from China. The United States wants China to adopt fair practices as far as Chinas exports are concerned. The United States openly accuses China of stealing intellectual properties. The structural reforms demanded by the United States remain the sticking point for China as the country is entirely focused on diversifying its trade with other countries of the world (Lu, 2018). China seeks to cooperate with other powers to prevent Americas Supply Chain Disruptions. Also, China is very well aware of the international efforts to isolate China, and that is the reason why the country is searching for more partners so that long-term sustainable relations can be developed with other partners.
In case China fully agrees to U.S. terms then it may not be able to make low-price in a huge quantity which has been the hallmark of China over the years. China has penetrated in the Asia Market also, it has stakes in Africa and other parts of the world, and that is why the country would never want to cut on its export. In the next ten years, China is expected to surpass America to become an economic superpower. Therefore, it is not very easy for the United States to get what it wants from China. However, a series of negotiation would bring both countries together. In order to reach an agreement, both countries need to show some flexibility and good temperament. The United States and China need more round of talks and need to engage other stakeholders as well.
Dal Porto, L. (2018). Tariffs Trigger Trade War. Quality Progress, 51(12), 10.
De Graaff, N., Van Apeldoorn, B. (2018). USChina relations and the liberal world order contending elites, colliding visions. International affairs, 94(1), 113-131.
Lu, N. (2018). The dynamics of foreign-policy decisionmaking in China. Routledge.
Whats at stake in China trade talks for U.S. companies. (2019). Retrieved from HYPERLINK https//www.pbs.org/newshour/show/whats-at-stake-in-china-trade-talks-for-u-s-companies https//www.pbs.org/newshour/show/whats-at-stake-in-china-trade-talks-for-u-s-companies
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