Looks like tensions are heating up again between China and the U.S.! 🔥 On Wednesday, the Chinese Commerce Ministry expressed strong dissatisfaction and firm opposition to the U.S.'s latest move: a Section 301 investigation into China's maritime, logistics, and shipbuilding sectors. 🚢⚓
According to a spokesperson from the ministry, the U.S. petition is filled with false accusations. They claim that normal trade and investment activities are being twisted to appear as threats to U.S. national security and corporate interests. 😕 Sounds like a major misunderstanding, right?
The spokesperson pointed out that blaming China for the U.S.'s own industrial issues lacks factual basis and goes against common sense economics. 🤔 After all, China's industrial growth is the result of technological innovation and companies actively participating in market competition. 🏆
What's more, while the U.S. accuses China of \"non-market practices,\" it's been providing hundreds of billions of dollars in subsidies to its own industries. 💰 Talk about double standards! In fact, several U.S. studies have shown that overprotection led to the decline of the U.S. shipbuilding industry's competitive edge years ago. 📉
The ministry highlighted that this isn't the first time the U.S. has taken such actions. The World Trade Organization (WTO) previously ruled that similar investigations and tariffs imposed by the U.S. violated WTO rules—a stance supported by many WTO members. 🌐
China is calling on the U.S. to respect the facts and multilateral rules, to stop these erroneous practices, and to return to the rules-based multilateral trading system. 📝🤝 They emphasized that they will closely monitor the investigation's progress and will take all necessary measures to firmly defend their rights and interests. 💪
Guess we'll have to stay tuned to see how this trade drama unfolds! 🍿
Reference(s):
China firmly opposes U.S. Section 301 investigation targeting China
cgtn.com
