As President-elect Trump prepares to start his second term in office, China is bracing for unpredictability in its ties with the United States and renewed tensions over trade, technology and Taiwan.
A NEW TARIFF WAR LOOMS
Perhaps the biggest consequence for China — if Trump stays true to his campaign promises — is his threat to slap blanket 60% tariffs on all Chinese exports to the U.S.
Tariffs like that would be a blow to China’s already unstable economy, which is suffering from high youth unemployment, a lengthy property slump and government debt. A 60% duty on Chinese imports could shave off 2.5 percentage points, or about half, of China’s projected economic growth, according to an analysis published earlier this year by UBS.
During Trump’s previous term in office, the U.S. imposed tariffs on more than $360 billion of Chinese products. That brought Beijing to the negotiating table, and in 2020 the two sides signed a trade deal in which China committed to improve intellectual property rights and buy an extra $200 billion of American goods. A research group a couple of years later showed China had bought essentially none of the goods it had promised.
President Joe Biden retained most of those tariffs and added fresh duties this year on imports including steel, solar cells and electric vehicles.
Like last time, tariffs could serve as a tool to force Beijing back to the negotiating table, said Henry Gao, a law professor at Singapore Management University who focuses on international trade.
“Given the weak economic position of China this time, I think there will be more willingness to talk,” he said. “Thus, while the tariff might have some short-term effects on the Chinese economy, the situation might improve once they reach a deal.”
This story is from the November 09, 2024 edition of Techlife News.
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This story is from the November 09, 2024 edition of Techlife News.
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