Thursday, February 2, 2023

Biz Quick Tech: Phase I deal not a tool for US to pressure China

Photo: Global Times

Photo: Global Times

According to Reuters, US Agriculture Secretary Tom Vilsack has vowed to continue the pressure on China and seek to implement the Phase I trade agreement between China and the US.

Since US President Joe Biden took office in January 2021, the blame game has become almost a regular event for US officials when it comes to a phase one deal. The agreement’s repeated use as a weapon to pressure China shows the Biden administration has no intention of improving bilateral economic and trade ties, which have been severely damaged by unfair and unilateral US action. are gone.

By using the Phase I deal to pressure China, the real intention of the US is to continue to deny its mistakes in the arbitrary trade war, and to use rhetoric and trade hegemony to force China to make concessions. Yet, just as the trade war has proved to be a complete failure, so too will America’s current conspiracy yield utterly unfavorable results.

Ironically, China’s efforts to implement the trade deal despite COVID-19 disruptions have spared the struggling US economy, particularly its agriculture sector. The latest remarks from the US Secretary of Agriculture represent a completely false allegation and flies in the face of reality.

In fact, despite America’s reckless trade war, which is against basic economic rules and the trend of globalization and its malicious action, China has tried to overcome the difficulties caused by the pandemic and implement the Phase I trade agreement. has done. China also maintains communication with the United States and is making every effort to work in a spirit of goodwill and honesty to restore bilateral economic and trade ties.

When dealing with Sino-US economic and trade issues, China clearly stands on the side of economic laws, fully in line with the trend of globalization, which serves the overall global economic situation. On the contrary, America is going against the trend of free trade and globalization. For geopolitical purposes, the US is taking measures that undermine economic and trade cooperation and harm regional economic prosperity.

The pandemic, the global supply chain disorder, especially the devastation in Western countries like the US, have sounded alarm bells for protectionism and disinformation efforts. If the US continues to move in the wrong direction, it will spell more trouble for an already struggling domestic economy.

As the world’s two largest economies, the importance of Sino-US economic and trade ties to the recovery of the global economy after the pandemic is self-evident. The responsibility for today’s Sino-US economic and trade tensions lies entirely with the US side. It is hoped that the US can stop sabotaging normal economic and trade cooperation, and adopt a more responsible attitude towards the global economy.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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