History plays a funny role in repeating itself. With light of the current trade frictions between the
United States and China, their trading histories become increasingly relevant. Little did both sides know
the substantial impact of President Nixon’s 1972 meeting with Chairman Mao—the event laid the basis
for growth and development between both countries for the next several decades: into a present
where the US dominates while China has the fastest growing financial market of the Twenty-first
Century. Up until recently, their trade relations have been, if not smooth, at least civil. However, the
increasing number of disputes in trade and policy-making may adversely affect the development of
Sino-US relations on the world market. As the international society turns their critiquing eyes towards
the friction currently plaguing the US and China, the two world powers are placed in the precarious
position of settling these disputes to not only decide the future of their own fragile partnership, but
the ultimate direction of the world trading scene.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- History's Impact
- The Opium Wars
- China and the WTO
- Dumping and Anti-Dumping (AD)
- Current Trade Frictions
- Protectionist Policies
- Definitions
- China's Reaction
- AD and China
- Financial Markets Friction
- IPR
- Currency Manipulation
- Credit Derivatives Market
- China's Investments
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This text examines the ongoing trade frictions between the United States and China, analyzing their historical roots and exploring current tensions within the context of global trade dynamics. It specifically focuses on the impact of protectionist policies and anti-dumping measures on the bilateral relationship, particularly within the framework of the World Trade Organization (WTO).
- Historical impact of the Opium Wars on Sino-US trade relations
- China's entry into the WTO and its subsequent trade practices
- Anti-dumping measures and protectionist policies employed by the US
- China's responses to US trade frictions
- Cultural misunderstandings and their potential role in exacerbating tensions
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter sets the stage for the text by highlighting the historical context of Sino-US trade relations, emphasizing the significance of President Nixon's 1972 meeting with Chairman Mao and the subsequent period of economic growth and development. It also underscores the growing number of disputes in trade and policy-making, which threaten the future of the Sino-US partnership and the global trading landscape.
- History's Impact - The Opium Wars: This chapter delves into the 19th-century Opium Wars, exploring the historical roots of the current trade frictions. It examines the role of British imperialism and the impact of the Opium Wars on China's entry into the global trade arena. The chapter highlights the unequal treaties imposed on China, including the Treaty of Nanjing, which forced the country to open its markets to foreign trade and cede Hong Kong to Britain.
- China and the WTO: This chapter explores China's 15-year journey towards joining the World Trade Organization in 2001. It outlines the requirements China had to fulfill for membership, including reducing tariffs, promoting equality, and protecting intellectual property rights. The chapter also addresses US concerns regarding China's trade practices, including unfair pricing and currency manipulation.
- Dumping and Anti-Dumping (AD) - Current Trade Frictions: This chapter examines the current "trade battle" between the US and China, focusing on the US imposition of tariffs on Chinese goods. It explores the rationale behind these measures, including the US Steelworkers Union's concerns about Chinese competition and the argument of Chinese dumping practices. The chapter discusses the US's implementation of protectionist policies and China's reactions, including retaliatory measures.
- Dumping and Anti-Dumping (AD) - Protectionist Policies: This chapter analyzes the Obama administration's protectionist policies and their potential implications for the US and China. It explores the political motivations behind these measures, including the potential for gaining votes and securing support. The chapter also discusses the economic consequences of protectionism, including decreased production, employment, and increased prices.
- Dumping and Anti-Dumping (AD) - Definitions: This chapter defines dumping as a trade practice involving the export of goods at a price below their normal value. It explains the WTO's "Anti-Dumping Agreement" and the legal framework for addressing dumping practices, including the implementation of import tariffs.
- Dumping and Anti-Dumping (AD) - China's Reaction: This chapter examines China's response to the US's protectionist policies and anti-dumping measures. It delves into the potential reasons behind China's reactions, including a sense of being exploited and "bullied" due to historical experiences.
- Dumping and Anti-Dumping (AD) - AD and China: This chapter further explores the ongoing debate regarding anti-dumping measures and their application to China. It examines the arguments made by both sides and considers the economic and political implications of these measures.
Schlüsselwörter (Keywords)
Key keywords and focus topics of this text include: Sino-US trade relations, historical impact of Opium Wars, WTO accession, anti-dumping measures, protectionist policies, trade frictions, cultural misunderstandings, global trade dynamics, economic growth, political motivations.
- Quote paper
- Markus Karmann (Author), 2010, Trade frictions between China and the US, Munich, GRIN Verlag, https://www.grin.com/document/193111
