Beijing. China approved a law this Friday that strengthens its trade defense capacity at a time when the United States and the European Union are targeting Beijing for excess industrial capacity.
The Tariff Law, approved by China’s highest legislative body after three rounds of deliberations dating back to 2022, signals to China’s main trading partners its ability to counterattack if they impose tariffs on exports from the world’s second largest economy.
This is the latest addition to Beijing’s arsenal of trade defense instruments, which maintains an uneasy truce with Washington after a trade war that began when Donald Trump was president of the United States.
The law, which goes into effect on December 1, outlines a series of legal provisions tied to tariffs on imports and exports, from what constitutes tax incentives to China’s right to hit back at countries that fail to comply with the agreements. commercial.
It was approved on the same day that the US Secretary of State, Antony Blinken, is visiting China to hold talks in which there was little progress on controversial issues, such as Washington’s complaints about low-priced Chinese exports.
Beijing has bolstered its trade defense capabilities since President Xi Jinping came to power in 2012, enacting laws that empower officials to retaliate against countries that oppose the way China trades by interfering with the movement of goods. , data and personnel between those markets.
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– 2024-04-27 07:15:27
