08-11-2021, 04:47 PM
(08-11-2021, 02:07 PM)revealer Wrote: The growth was because last year was a bad year. Hit by Coronavirus. The growth dipped a bit compared to last month.
source: tradingeconomics.com
China has already lost its market economy status in WTO last year. This means that the US, European Unions, Australia, Japan, and the other US Alliances can slam additional tariffs on the Chinese products and goods without worrying that China will make a noise.
https://www.japantimes.co.jp/news/2020/0...ispute-eu/
According to WTO, these US and its Alliances last year consumed about 40% of China's export. If the Alliances were to take the same afford as the US to raise their tariffs, the effect should be felt sooner. So China will have to trade with caution not to offend these countries unnecessarily.
Slapping tariffs only works if there is very strong competition with alternative suppliers at roughly same parity, doing this now does nothing except to jack up inflation even higher and creating more social unrest along the way.
Allies who could afford to do that would have followed the US regardless of WTO if they could get something out of it. The only reason why this isn't happening is that it simply cannot be done and market status or not isn't going to change that.