China-U.S. Trade Issues
Abstract
China-U.S. Trade Issues U.S.-China economic ties have expanded substantially over the past several years. Total U.S.-China trade rose from $5 billion in 1980 to an estimated $231 billion in 2004. China is now the third-largest U.S. trading partner, its second-largest source of imports, and its fifthlargest export market. With a huge population and a rapidly expanding economy, China is becoming a large market for U.S. exporters. Yet, U.S.-China commercial ties have been strained by a number of issues, including a surging U.S. trade deficit with China ($162 billion in 2004), lax protection of U.S. intellectual property rights (IPR), widespread trade barriers, and China s pegged currency policy. China joined the World Trade Organization (WTO) in 2001. WTO membership requires China to eliminate or reduce an extensive array of tariff and non-tariff barriers on goods, services, and foreign investment. In December 2004, the U.S. Trade Representative (USTR) issued its third annual China WTO compliance report, stating that, while China s efforts to implement its WTO commitments have been impressive, they remain far from complete and have not always been satisfactory. Major areas of concern identified by the USTR s report include IPR protection, agriculture, services, industrial policies, trading rights and distribution, and transparency of trade laws.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 01, 2005
- Accession Number
- ADA462465
Entities
People
- Wayne M. Morrison
Organizations
- Library of Congress