Has US really “lost” the trade war with China?
The US Democratic vice presidential nominee Kamala Harris has said that President Donald Trump has “lost” the trade war with China and claims that it has resulted in the loss of 300,000 manufacturing jobs in America.
The California Senator, during the vice presidential debate with Vice President Mike Pence ahead of the November 3 presidential election, has severely criticised the economic policies of the Trump administration in the last four years, especially the US-China trade war issue.
So has the US really lost the trade war with China. Here’s a brief background on China’s stance on the trade war and how the country views this tussle with the United States.
The Chinese government has denied forced transfer of IP is a mandatory practice, and acknowledged the impact of domestic R&D performed in China.
Former U.S. treasury secretary Larry Summers assessed that Chinese leadership in some technological fields was the result of “huge government investment in basic science” and not “theft” of U.S. properties.
In March 2019, the National People’s Congress endorsed a new foreign investment bill, to take effect in 2020, which explicitly prohibits the forced transfer of IP from foreign companies, and grants stronger protection to foreign intellectual property and trade secrets.
China had also planned to lift restrictions on foreign investment in the automotive industry in 2022. AmCham China policy committee chair Lester Ross criticized the bill, saying the text of the bill was “rushed” and “broad”, and also criticized a portion of the bill that granted the country power to retaliate against countries that impose restrictions on Chinese companies.
The Policy Committee brings together policy experts from a wide variety of sectors in AmCham China’s membership for meetings, expert presentations, roundtables and panel discussions on the current policy environment for American businesses in China.
The Chinese government has blamed the American government for starting the conflict and said that U.S. actions were making negotiations difficult. They say the trade war has had a negative effect on the world and that the U.S. government’s real goal is to stifle China’s growth.