Trade Agreements Us And China

Many analysts have expressed concern that unilateral U.S. trade actions against China (and other countries, under Section 232) could undermine the multilateral trading system and negatively affect global economic growth. For example, on 23 March 2018, Roberto Azav├ędo, Director General of the Wto, said that some countries have benefited economically from the trade war, at least in some sectors, due to increased exports to the United States and China, in order to fill the gaps caused by the decline in trade between these two economies. The beneficiaries are Vietnam, Chile, Malaysia and Argentina. [249] Vietnam is the largest beneficiary and technology companies are relocating their production there. [249] [250] South Korea also benefited from increased exports of electronics, Malaysia from semiconductor exports, Mexico from motor vehicles and Brazil from soybeans. [249] The effects of trade diversion have also had an impact on East and South-East Asian countries, with Taiwan receiving the largest boost. [251] However, the CEO of the ASEAN Business Council, Alex Feldman, warned that even these countries would not benefit in the long term: “It is in everyone`s interest that this sparrow be resolved and return to normal U.S.-China trade relations.” [252] Several Taiwanese companies have expanded their production domestic territory, including Quanta Computer, Sercomm and Wistron, creating more than 21,000 jobs. [253] This investment led to a strong strengthening of the New Taiwan dollar, which was not expected before the trade war.

[254] Nintendo has reportedly relocated some Nintendo switch productions from China to Southeast Asia. [255] According to an analysis by Moody`s Analytics, 300,000 U.S. jobs were lost or not created in August 2019 due to the trade war, including production, storage, distribution and retail. [224] Recognising the importance of their agricultural sectors, ensuring a safe and reliable supply of food and agricultural products, and helping to meet the demand for food and agricultural products of the peoples of both countries, [the contracting parties], intend to intensify agricultural cooperation, expand the market of each part for food and agricultural products and promote the growth of trade in food and agricultural products.