In a joint statement signed in New York Tuesday, trade representatives from the US, EU and Japan criticised practices of “third countries” that lead to severe overcapacity and reiterated their concern with industrial subsidies, state-owned enterprises and forced technology transfer. It’s widely believed the statement is targeting China. It needs to be pointed out that the content of the statement is nothing new.The three countries intended to show their solidarity by issuing the statement, but the reality is quite the opposite.
The joint statement is far from becoming joint action and it’s inconceivable that the EU and Japan would follow the US in its trade war with China.
Both Europe and Japan are supporters of free trade.
They have dissatisfaction with China in trade, but US unilateralism and protectionism pose long-term threats against them. It’s hard to say with which country they have a bigger difference: the US or China.
As long as China keeps upholding its opening-up, foreign enterprises, including many US ones, will continue participating in the development of the China market.
As long as China keeps its development momentum, the US is doomed to lose the trade war.