The Ministry of Commerce of China stated this Wednesday, 25, that it was aware of the statements made by the United States Trade Representative (USTR), Jamieson Greer, regarding the continuation of the Section 301 investigation regarding Beijing’s compliance with the “phase one” economic and trade agreement signed between the two countries, and warned that it will adopt necessary measures if Washington moves forward with new tariffs.
According to the ministry’s spokesperson, since the agreement came into force at the beginning of 2020, China has fulfilled its obligations “in a contractual spirit”, despite the impacts of the pandemic and disruptions in supply chains.
Beijing maintains that it has implemented commitments related to the protection of intellectual property and the opening of financial and agricultural markets, in addition to promoting the expansion of commercial cooperation.
Everything you need to know to protect your wallet
On the other hand, the Chinese government accuses the US of tightening export controls, restricting bilateral investments and expanding containment measures in economic and commercial areas, which, according to the ministry, violates the spirit of the agreement and undermines the conditions for its implementation.
The ministry added that, since last year, the two sides have held five rounds of economic and trade consultations and reached consensus on topics such as extending the suspension of reciprocal tariffs, agricultural trade, export controls and reducing investment restrictions.
Beijing said it hopes Washington will treat implementation of the deal in an “objective and rational” manner and avoid shifting responsibility. If the US insists on the investigation or adopts new tariffs based on it, China said it will take “all necessary measures” to defend its legitimate rights and interests.
Continues after advertising
US President Donald Trump is expected to travel to China in April for a bilateral meeting with Chinese leader Xi Jinping.
