US USTR to Amend Trade Law to Address China's Non-Market Practices

Pointing Out the Background of China's Artificial Market Advantage
"Lack of Worker Protection, Vulnerable Environment, Anti-Competitive Subsidies, etc."

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] The Joe Biden U.S. administration has announced additional measures, including revising related trade laws, to respond to China's non-market practices.

On the 1st (local time), the Wall Street Journal (WSJ) reported citing the annual report released by the U.S. Trade Representative (USTR) on the same day. The report expressed "concern over China's non-market practices and will accelerate joint responses with allied countries," emphasizing that "a comprehensive and practical approach will focus on long-term benefits for American workers."

USTR has pointed out that China promised to purchase additional U.S. goods and services over two years through the 2020 Phase One trade agreement but failed to properly fulfill this commitment. Previously, as the trade war intensified during the Donald Trump administration, China agreed to purchase an additional $200 billion of U.S. goods and services from 2020 to 2021 compared to 2017, and to open markets for agricultural products and financial services, as well as protect intellectual property rights, but did not uphold these promises.

In the annual report released that day, USTR claimed, "China's artificial advantage stems from lack of worker protection, a vulnerable environment, anti-competitive subsidies, etc., which violate fair competition."

However, detailed countermeasures were not disclosed. USTR stated, "Specific details will be announced in the near future."

Earlier, on the 22nd of last month, leading U.S. economic organizations such as the Business Roundtable (BRT), U.S. Chamber of Commerce (USCC), and National Association of Manufacturers (NAM) expressed concerns in a letter to the U.S. administration, warning that "if the U.S. does not act decisively and comprehensively, it will be placed at a disadvantage."

Additionally, the "American Competition Act," which strengthens anti-dumping regulations in response to China's trade practices, has also passed the U.S. House of Representatives.

This content was produced with the assistance of AI translation services.