Amid the ongoing trade war with the US, China appears to be “rolling out the red carpet for the rest of the world,” reducing tariffs on countries competing with the US, an international economics think tank says.
Beijing is not sitting idly by, waiting to see who can outlast the other in its trade war with Washington. Taking a step beyond tit-for-tat tariff hikes, it has made it easier for countries competing with the US to do business in China.
In the past year, while China has been raising tariffs on US goods, it has been lowering tariffs for other countries, and they are “enjoying much improved access to China’s 1.4 billion consumers,” the Peterson Institute for International Economics (PIIE) revealed in a report released on June 12.
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According to the PIIE, China has increased tariff rates on US goods, on average, by over 12 percent from the beginning of 2018 to June, while its average tariff rate on imports from all other countries is down a little over one percent.
“This is not good news for US exporters,” the report states, adding that “reducing tariffs on imports from other countries means US exporters also face an increasing disadvantage relative to competitors in Canada, Japan, Europe, and elsewhere.” (RT)