The White House overhauls the current legislation regulating its trade relations with China. Beijing has frequently abused fair trade relations with the US. Once an underperforming economy, China made a breakthrough in the early 2000es. Since then, the Red Dragon has become the second-largest global economy, making huge efforts to assert its superiority over its main rivals. China’s economy is competing with the US in terms of trade volume.
A few years ago, the White House spotted faults in trade relations with China which had developed for about 30 years. Donald Trump was the first US President to challenge well-established trade bonds with China by embarking on a trade war. Incumbent US leader Joe Biden took over the stance of his predecessor and insisted on new restrictions. US lawmakers decided to tighten the protectionist rhetoric and put forward the bill terminating a normal trade practice with Beijing. Republican Senator Josh Hawley (Missouri) has introduced the Ending Normal Trade Relations with China Act. He is certain that Washington should cancel China’s “most favored nation” trade status and raise customs levies on all merchandise imported from China. Josh Hawley defined China as “the single greatest threat to America’s global standing”. So, he forges ahead with his bill that will enable the US to slash its economic dependence on Beijing as well as protect the interests of American workers.
Earlier, the UK-based Centre for Economics and Business Research (CEBR) predicted that China would notch its leadership in the global economy by 2036. A year ago, analysts at the CEBR warned that China could outpace the US economy in 2030, but they had to postpone their forecast by 6 years on the back of the fallout from COVID lockdowns and a trade war with the West.
