Amid the release of a bipartisan report in the U.S. House of Representatives advocating for strong sanctions against China, Chinese state media published an editorial criticizing this move, stating, “Congress is the greatest risk to U.S. businesses.”
On the 13th, the Chinese state-run Global Times (GT) reported, “U.S. businesses have expressed concerns about the U.S. House of Representatives’ China Task Force’s proposal for regulations against China.” GT added, “There is fierce competition within the U.S. to express a hardline and radical stance against China. Some lawmakers, in particular, have adopted a groundbreaking anti-China approach as a means to fulfill their political ambitions.”
Continuing, it stated, “While American society is paying significant attention to the fentanyl addiction issue, the ‘anti-China addiction’ among politicians is even more severe.” The editorial emphasized, “The numerous sanctions imposed on China in the trade and tech wars waged by the U.S. have not achieved the expected results of subduing or overthrowing China; instead, they have stirred dissatisfaction among U.S. companies.” Furthermore, it criticized, “At this moment, Washington politicians, far from reflecting on whether they have made mistakes or need adjustments, are taking even more aggressive and intensified actions.
Earlier, the U.S. House China Special Committee released a comprehensive report on the 12th (local time) containing over 130 proposals for regulations against China. The report includes responses to sensitive issues such as TikTok, semiconductors, Chinese-made drones, and the exclusion of China’s World Trade Organization (WTO) status. It also urged the Federal Reserve (Fed) to prepare countermeasures for potential damages to U.S. banks from Chinese regulations, criticizing the U.S. government for not having an ’emergency plan’ in preparation for an economic war with China.
The report also proposed introducing regulations that would force social media companies owned by ‘foreign hostile forces,’ including TikTok’s parent company ByteDance, to sell their stakes and halt operations in the U.S. It argued that the Department of Commerce should be granted the authority to impose tariffs on Chinese semiconductors.
The statement quotes the Retail Industry Leaders Association, representing companies such as Target, Home Depot, Dollar General, etc., regarding a report. It states, “U.S. companies believe that tariff increases on Chinese products only harm U.S. companies.” They view the cost associated with tariff increases as being borne by U.S. importers, causing damage to U.S. companies, workers, and consumers.
Additionally, it mentions that the day before the report was released, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, warned that the division of the world economy and changes in U.S.-China trade could trigger a new Cold War. The statement concludes by interpreting the current situation as the source of concerns for foreign companies, including U.S. companies, being in the offices of certain individuals in the U.S. Congress.
By. Hyun Jung Kim
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