China Criticizes Biden Administration's Plan To Launch Investigation In Its Maritime Sector

China’s government refused the Biden administration’s proposal to launch an official review of its logistics, maritime, and shipbuilding sector, calling this investigation an error based on domestic political demands.

The statement issued by the Office of the US Trade Representative on Wednesday contained numerous false accusations.

A spokesperson associated with China’s Commerce Ministry reported that the country misinterpreted normal trade and investment exercises as harming US national security and corporate interests.

China will closely monitor the investigation’s advancement and take necessary steps to safeguard its rights and interests resolutely.

Katherine Tai’s office declared a probe in response to a petition from five union organisations last month.

President Biden has also started calling for elevated tariffs on China’s steel and aluminium, part of a series of steps to shore up the American steel sector and woo workers for this year’s election.

The petition alleges unfair practices, such as policy loans from state-owned financial institutions, equity infusions along with debt-for-equity swaps, the provision of steel plates from state-owned steelmakers at rates lower than market prices, grants, tax preferences, and lavish financing from China’s state-owned export credit agencies.

China’s announcement on Wednesday did not mention Biden’s recent move on Chinese steel and aluminium.

According to the Chinese statement, the shipbuilding sector investigation lacks a factual basis and contradicts economic common sense by blaming China for the USA’s industrial challenges.

The statement urged the US to respect facts and multilateral regulations, thwart wrong practices immediately, and return to the rules-based multilateral trade regime.

Reference: Bloomberg

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