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US Congress' USCC Propounds for First Time Repeal of CN's PNTR Status
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The US-China Economic and Security Review Commission (USCC), an independent panel established by the US Congress, released its annual report, propounding for the first time that the Congress should repeal China's Permanent Normal Trade Relations (PNTR) status. According to the report, PNTR status allows China to enjoy the same trade terms as U.S. allies even with intellectual property infringement and market manipulation, and the potential repeal would give the U.S. more leverage to respond to China's unfair trade practices. Potential elimination of the status would result in higher tariffs on Chinese goods and trigger an annual review of China's trade practices to return it to its pre-PNTR status. A spokesman for the Chinese Embassy in the U.S. responded that attempts to revert U.S.-China trade and economic relations back to the Cold War era in violation of World Trade Organization (WTO) rules would only undermine the common interests of the two countries and interfere with the global economy. AAStocks Financial News |
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