On June 18, the Office of the United States Trade Representative (USTR) held 301 Investigation Public Hearing in Washington D.C. on tariffs that imposed on China’s $300 billion product. China Chamber of International Commerce (CCOIC) led a delegation to the hearing and spoke on behalf of the Chinese business community in defense of the rights of Chinese companies for the 5th time.
Before the Hearing, CCOIC collected the appeal of industries and enterprises nationwide, submitting written plea on behalf of the Chinese business community. The hearing which lasted for seven days since June 17 was attended by representatives from over 300 companies and organizations from US and China industrial and commercial communities. Until June 18, more than 1,700 companies and organizations submitted their written comments to USTR, over 95% of which oppose the imposition of tariffs.
CCOIC, on behalf of 180 thousand members from all walks of life, held opposite opinions on USTR imposing $300 billion additional tariffs on Chinese product, which will undermine the interests of companies, employees and consumers in China and the U.S. According to a research conducted by an American think tank, additional tariff will result in an extra 2.16 million unemployed people in the U.S., and adding an average annual burden of $2,294 to a family of four in the United States.
The Chinese government has taken a series of measures to strengthen institutional and structural arrangements and promote openness to the world, in terms of expanding market access for foreign investment in broader areas, strengthening intellectual property protection, increasing imports and services on a larger scale, more effective implementation of international macroeconomic policy coordination and paying more attention to the implementation of opening-up policy. CCOIC called on the two governments to address the differences on economy and trade through equal dialogue. On the basis of mutual respect, reciprocity and mutual benefit, China and the U.S. should take care of each other's legitimate concerns, promoting Sino-U.S. relations based on coordination, cooperation and stability.
This is the fifth time that CCOIC has attended the 301 Public Hearing since the U.S. initiated 301 investigation on China, at which CCOIC submitted a written review of over 3,000 pages, submitting product exclusion request on behalf of Chinese companies and speaking on behalf of the business community on major issues.