We don鈥檛 see a fair go in US 鈥榝air trade鈥 call
Print Edition
鈥淔air trade鈥 has been a frequently invoked theory by the United States in pressuring its trade partners, including China, for concessions 鈥 and a most deceptive one.
In a word, the US version of 鈥渇air trade鈥 is just a thin, frail layer of paint to whitewash the headstrong pursuit of its 鈥淎merica First鈥 policy.
The core of US 鈥渇air trade鈥 is its so-called 鈥渞eciprocal鈥 opening, which demands that all countries apply identical tariff levels and offer identical market access with that provided by the United States.
This idea is, at best, simplistic, and at worst, perilously selfish and short-sighted.
This approach to trade ignores the different resources endowment, competitiveness and development stages of countries, and distorts the mutual-benefit principle advocated by the World Trade Organization.
It is unfair to demand absolute equality in tariffs between the United States and China, which remains a developing nation as its huge population dilutes its massive economic aggregate.
China鈥檚 GDP per capita was only around one-seventh that of the United States in 2017, according to World Bank data.
Differential and more favorable treatment for developing countries are in the long-term interests of all. The US-touted 鈥渇air trade鈥 will only deprive developing economies of appropriate protection and sound economic growth, resulting in broader inequality and stagnation, and eventually prevent American businesses from expanding their international market.
The United States is not living up to its own standard of 鈥渞eciprocal鈥 opening. Its tariffs far exceed those levied by China on such goods as unshelled peanuts, on which China鈥檚 tariff is 15 percent, compared with 163.8 percent by the United States.
At its heart, 鈥渇air trade鈥 is an excuse for the United States to cover up the real problems behind its huge trade deficits and pass the buck to its trade partners.
The imbalance in US-China trade is a natural outcome of factors including an unhealthy low savings rate in the United States, numerous bans on high-tech products exported to China, and the dollar鈥檚 pivotal role as a major global currency.
Rather than adopting painful but necessary reforms to balance its economy, the United States is turning to trade bullying, which is anything but fair.
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