WASHINGTON, DC, June 15, 2018 - Following today’s White House announcement of China tariffs that will go into effect on July 6, US-China Business Council (USCBC) President John Frisbie issued the following statement:
“We urge both governments to sit down and negotiate a solution to these important issues. American companies want solutions, not sanctions. Tariffs will not solve these problems, but will harm American economic interests and jobs.
“Rather than inflicting damage on ourselves, we should be seeking ways to address the problems with China. USCBC’s testimony throughout the Section 301 investigation process provided many recommended solutions to resolve the issues. Those would be a solid starting place to look for measurable, commercially-meaningful changes that would benefit the American economy.”
Examples of solutions, which USCBC detailed in its 301 testimony:
- China should adopt a tougher deterrent against counterfeiting and IP theft in the form of criminal penalties in cases of commercial scale.
- China should eliminate joint venture and business licensing requirements that can be used to mandate technology transfers to gain market access.
“Pursuing pragmatic outcomes in coordination with other like-minded trading partners is a better approach than going it alone and exposing American workers, farmers, and companies to retaliation.”