Its roots can be traced back to 2001, when China entered the World Trade Organisation
Get our daily newsletterChina hawks contend that America should have blocked China’s entry into the World Trade Organisation in 2001. Even then, they reckon, it was obvious China would never embrace the Western economic model. Once in, they say, it abused other members’ trust, depressing the value of its currency for competitive gain, subsidising its industries and stealing American intellectual property.
As Mr Blustein explains, some of the problems were exacerbated by American policy choices. George W. Bush was reluctant to use the defences that negotiators had secured against Chinese imports, for fear of hurting American consumers and encouraging other sectors to clamour for protection. Perhaps the threat of tariffs would have convinced the Chinese to let their currency appreciate more quickly. Probably not, reckons Mr Blustein. But America might have tried.
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