The trade war between China and the United States is escalating, causing serious concern in Beijing. Chinese Commerce Minister Wang Wentao recently expressed his “serious concerns” to his American counterpart Gina Raimondo, amid growing tensions that threaten the world's economic balance.
The challenges of a major economic confrontation
China faces unprecedented challenges as Washington hardens its stance. US restrictions on Chinese semiconductors and connected vehicles are at the heart of Beijing's concerns. These measures, justified on national security grounds, aim to limit China's access to cutting-edge technologies.
The Biden administration continues the policy of its predecessor by maintaining high customs duties on approximately 300 billion dollars of Chinese products. This strategy, supported by the two major American parties, is part of a desire to protect sectors deemed strategic for the American economy.
At the same time, Beijing is urging Washington to lift sanctions against Chinese companies, arguing that these measures harm the bilateral trade environment. China fears these restrictions will hamper its long-term economic growth and technological development.
A conflict with repercussions around the world
The impact of this trade war goes far beyond the bilateral framework. Other countries, such as Canada, are following the United States in imposing surcharges on Chinese imports. Thus, this protectionist trend risks disrupting global supply chains and affecting the post-pandemic economic recovery.
The world is witnessing a major reconfiguration of trade alliances. The European Union is also at the heart of growing tensions with China, as illustrated by our recent article “Europe provokes the anger of Beijing, key sectors threatened!” »
Indeed, the EU's decision to impose tariffs on Chinese electric vehicles has provoked a virulent reaction from Beijing, which threatens targeted retaliation on key European sectors such as brandy, pork and dairy products. .
This complex situation is forcing economic players around the world to reassess their strategies and partnerships. The addition of Sino-European tensions to Sino-American frictions thus generates an unprecedented climate of uncertainty for world trade.
In conclusion, the Sino-US trade war, exacerbated by tensions between China and the EU, constitutes a colossal challenge for the global economy. Furthermore, escalating tensions between Israel and Iran in the Middle East add an additional layer of instability, weighing heavily on economies around the world.
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