The United States requires members of the Group of Seven (G7) countries to take joint action against China's economic bullying; the picture shows Japanese Prime Minister Fumio Kishida standing next to the countdown sign for the G7 Hiroshima summit in May.

(AFP file photo)

[Compilation of Sun Yuqing/Comprehensive Report] "Nikkei Asia" reported on the 2nd that in view of China's frequent retaliation and pressure on other countries with economic means in recent years, the United States has promoted legislation at home to establish methods and tools to counter China. Members of the Group of Seven (G7) nations have taken joint action, such as lowering tariffs on affected countries, to help them counter pressure from Beijing.

According to reports, the United States has taken the lead in taking action domestically. In February this year, Congress proposed a bipartisan bill authorizing the President to take various measures to counter China’s economic coercion. In addition to raising import tariffs on Chinese goods, the United States will also allow the United States to send money to countries coerced by China. The state provides financial assistance.

One of the proposals states that the United States will reduce import tariffs on products from the victimized country, increase the country’s exports to the United States, and make up for the losses caused by China’s bullying.

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Take joint action to reduce import tariffs of the victimized countries

Beijing continues to use economic power to achieve diplomatic goals. For example, Australia has restricted imports of coal, wine, barley and other commodities because of its demand for an independent investigation into the source of the Wuhan pneumonia epidemic; Lithuania has strengthened relations with Taiwan, and its trade with China has also been restricted; When disputes broke out in the island, China stopped exporting rare earths.

Countries that criticize China's human rights record have also suffered from Beijing's order to close businesses and restrict the entry of citizens.

It is understood that China's trade volume with Australia, Japan, and South Korea accounts for about 20% to 30% of the total trade volume of these three countries, but the trade volume of these three countries with China accounts for less than 10% of China's total trade volume, thus giving Beijing a bargaining chip in economic warfare .

The United States believes that multi-country joint action will be more effective in deterring Beijing from bullying other countries than single-country action, and Beijing is more likely to back down. Therefore, it has asked partners to take joint action at the G7 working-level meeting and requested that the The matter is on the agenda of this year's G7 meeting.

Washington is also preparing to finalize relevant details with Japan, the rotating presidency, before the G7 Hiroshima summit in May.

Washington believes that establishing a structure in which countries can help each other and bear each other's trade losses can cushion the impact of China's economic retaliation. It also hopes that this will have a positive effect on countries in the Global South, because these emerging countries are the most vulnerable to Beijing. exert pressure.