|Table of Contents|

Sino-US trade frictionmisunderstanding and truth

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2018年05期
Page:
32-41
Research Field:
经济学
Publishing date:

Info

Title:
Sino-US trade frictionmisunderstanding and truth
Author(s):
YU Miaojie
China Center for Economic Research & National School of Development， Peking University， Beijing 100871， China
Keywords:
Sino-US trade;  trade imbalance;  value chain;  statistic scope;  tariff;  trade cooperation
PACS:
F752.7；F757.12
DOI:
-
Abstract:
To fully understand SinoUS trade relationship and interpret the nature of imbalance in trade between the two countries， this article starts from how US especially Trump administration views the imbalance and then predict the developing trend for SinoUS trade based on study of related statistics. Study shows that Trump administration considers Chinese government’s subsidy for exporting firms and high tariff policies as main reasons for US trade deficit that lead to loss of nearly 3 million jobs in US manufacturing industry. Therefore， they need to suppress China’s export and impose high tariffs on its goods exported to US to erase trade deficit， leaving China in the mid to low end of global trade value chain in the long term. The study thinks that US oversimplified its statistic scope on trade volume with China. Reducing imports from China cannot lead to direct increase in US employment. While increasing imports from China can provide US people with goods of lower price and good quality. Plus， Chinese investors invest the trade gain into US treasury bonds， making US the beneficiary of the trade deficit. China gains its trade surplus from large amount of laborintensive goods. While capitalintensive goods basically are final products processed from intermediate products， generating only very small profits. Besides， even if China’s tariff policy conforms with WTO rules and regulations， while US will restrict Chinese investments under national security reasons. Therefore， it is the inevitable trend that China will elevate from mid and low end of global trade value chain to mid and high end. To enhance trade scale on both sides， US and China should strive for trade cooperation through negotiations to achieve a rebalance of SinoUS trade in a more sensible direction.

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Memo

Memo:
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Last Update: 2018-11-14