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The U.S. trade protectionism is a historical problem: German expert

(Xinhua)    14:08, July 20, 2018

BEIJING, July 20 (Xinhuanet) -- Unilateral trade protectionism of the U.S. is not a new product under the current situation, but a historical problem, said Dr. Werner Rügemer, a German publicist and consultant, in a recent written interview with Xinhuanet.

In his opinion, the United States has been the main source for unilateral trade protectionism since the Second World War, especially with non-tariff measures.

"In 1944, the U.S. played a dominant role in the construction of the international monetary system with the U.S. dollar as the leading currency, and established the World Bank, ensuring the U.S. hegemony in global economy and trade.

"In 1947, the U.S. implemented the Marshall Plan in the western Europe on condition that Charles de Gaulle must resign from the government," said Rügemer.

In 1948, the U.S. proposed to establish the Paris-based Coordinating Committee for Export Control (COCOM) to restrict the trade of high-tech products with socialist countries," he continued.

According to the expert, the U.S. protectionism also influenced its best allies --- West Germany, based on the fact that the U.S. imposed a ban on the oil and gas trade between West Germany and Russia in 1960s.

"In 1975, the Committee on Foreign Investment in the United States (CFIUS) was established to prevent Japanese investment in the U.S., and this committee is still operating effectively," Rügemer added.

In regard to the influence of U.S. trade protectionism to China, Rügemer pointed out that the U.S. had been setting obstacles for China's accession to WTO until 2001.

"The U.S. former President Barack Obama has also announced executive order to prohibit Fujian Grand Chip Investment Fund (FGC)'s acquisition of German semi-conductor company Aixtron," Rügemer indicated.

Earlier, the U.S. has announced tariffs on steel and aluminium imports from the European Union (EU), Canada and Mexico. Recently, it has released several tariff lists of Chinese goods amid strong opposition from China and U.S. business groups.

In Rügemer's view, all these actions would bring negative impact on world economy directly.

In the meanwhile, he pointed out that the growth in the western economy led by U.S. shows many structural problems, including unstable growth in the financial sector, possible financial bubble with economic downturn, and very imbalanced growth between workers, middle classes and big private owners.

Rügemer said, both China and Germany benefit from economic globalization, adding that workers' representatives, managers and shareholders in Germany all have the experience that Chinese investments are positive, for working places, for economic stability and growth, for technical exchange and for opening a much broader market.

"Under the pressure from the U.S. government, we should seek new ways for the China-EU and China-Germany cooperation," said Rügemer.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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