If the U.S. wants China to play fair on trade, pushing away like-minded allies is not the way to make it happen, a leader of the American Business community in China said Monday.
“Maybe it’s the worst tactic, as far as we can see here in China,” William Zarit, chairman of the American Chamber of Commerce in China, told CNBC’s “Street Signs Europe,” referring to President Donald Trump’s imposition of metals tariffs on close trading partners last week.
The Trump administration on Thursday announced sweeping steel and aluminum tariffs on Canada, Mexico and the European Union (EU) under a ruling called Section 232 that cites national security concerns. All three were exempt for a month following Trump’s initial announcement of the measures in early spring, and their leaders have issued scathing criticisms and threats of retaliation in response.
“We see the U.S. needs to work with like-minded countries whose economies are based on competition and market forces,” Zarit said. “And so this tactic, we here don’t see this tactic makes a lot of sense because we do need to work with our allies to address the differences of our economic structures.”
Known as AmCham for short, the non-profit and non-governmental organization represents more than 3,300 individuals from 900 companies operating across China.
Source : CNBC