lørdag 11. desember 2021

China joined rules-based trading system — then broke the rules

It’s been 20 years since China entered the global trade body, the World Trade Organization, a move that gave it access to the international trade system.

Was it worth it? Some officials and lawmakers have regrets, arguing that China’s gains from WTO entry on Dec. 11, 2001, came at an unfair cost to the U.S. economy.Most U.S. lawmakers who paved the way for China’s accession to the WTO by agreeing to normalize trade relations with China through approval of Permanent Normal Trade Relations in May 2000 would rather not talk about their vote.

POLITICO canvassed eight senators still in the chamber who voted in favor of the bipartisan move, as well as one former senator who is now a state governor. The only one to respond, Sen. Chuck Grassley (R-Iowa), said in a statement that China’s WTO accession helped reduce poverty in China and benefited U.S. agriculture, but that “clearly the arrangement hasn’t lived up to our hopes of 20 years ago.”