US Trade Representative Catherine Tai said on Saturday that China’s economic development system is creating many competitive pressures around the world. Referring to the diversification of global trade, he described the sharp decline in bilateral trade between the United States and China last year as a positive sign. According to Bhasha News, Tai said in an interview with the BBC that when the WTO was established, the economies of the world were different. Many economies have developed since then.
China is a good example.
According to the news, China is a good example of this. It joined the WTO in 2001. Its presence then was smaller than it is today. In his address to the World Trade Organization (WTO) meeting in Abu Dhabi, Tai said China’s economic growth is creating many competitive pressures around the world and the organization now needs reform. The WTO can do more to address these pressures. He said the WTO needs to find a solution to the competitive economic pressures many are feeling in the global economy due to China and its special regime.
Exports between the United States and China
A sharp decline in US trade with China in 2023 could be a positive development, Tai said. US imports of Chinese goods totaled US$427 billion last year, a 20 percent decline, according to data from the US Commerce Department. U.S. exports to China are also projected to decline by about four percent in 2023 to about $148 billion. In view of this, the trade deficit decreased to 279 billion dollars. This could result in China losing its position as the top exporter to the US for the first time in 17 years.
The largest drop in US-China trade
This is the largest drop in US-China trade since customs records began in 1995 and is larger than the 2008-09 global financial crisis or the start of the US-China trade war in 2018-19. Hong Kong-based South China Morning Post reported this. Amid rising tensions between the two countries, William Reinsch, a trade expert at the Center for Strategic and International Studies, said the drop in US-China trade last year is a sign that the two economies are drifting apart. But if you look at the growing imports from Southeast Asia into the U.S., it appears that a large portion of that increase is coming from Chinese companies.
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