Changes

China formally joined the WTO in December 2001. As part of this far-reaching trade liberalization agreement, China agreed to lower tariffs and abolish market impediments. Chinese and foreign businessmen, for example, gained the right to import and export on their own, and to sell their products without going through a government middleman. By 2005, average tariff rates on key U.S. agricultural exports dropped from 31% to 14% and on industrial products from 25% to 9%. The agreement also opens up new opportunities for U.S. providers of services like banking, insurance, and telecommunications. China has made significant progress implementing its WTO commitments, but serious concerns remain, particularly in the realm of intellectual property rights protection.  

China formally joined the WTO in December 2001. As part of this far-reaching trade liberalization agreement, China agreed to lower tariffs and abolish market impediments. Chinese and foreign businessmen, for example, gained the right to import and export on their own, and to sell their products without going through a government middleman. By 2005, average tariff rates on key U.S. agricultural exports dropped from 31% to 14% and on industrial products from 25% to 9%. The agreement also opens up new opportunities for U.S. providers of services like banking, insurance, and telecommunications. China has made significant progress implementing its WTO commitments, but serious concerns remain, particularly in the realm of intellectual property rights protection.  

 

While accession does not guarantee smaller trade deficits, full implementation of all WTO commitments would further open China's markets to—and help level the playing field for—U.S. exports. China is now one of the most important markets for U.S. exports: in 2006, U.S. exports to China totaled $55.2 billion, almost triple the $19 billion when China joined the WTO in 2001 and up 32% over 2005. U.S. agricultural exports have increased dramatically, making China our fourth-largest agricultural export market (after Canada, Japan, and Mexico). Over the same period (2001-2006), U.S. imports from China have risen from $102 billion to $287.8 billion.  

While accession does not guarantee smaller trade deficits, full implementation of all WTO commitments would further open China's markets to—and help level the playing field for—U.S. exports. China is now one of the most important markets for U.S. exports: in 2006, U.S. exports to China totaled $55.2 billion, almost triple the $19 billion when China joined the WTO in 2001 and up 32% over 2005. U.S. agricultural exports have increased dramatically, making China our fourth-largest agricultural export market (after Canada, Japan, and Mexico). Over the same period (2001-2006), U.S. imports from China have risen from $102 billion to $287.8 billion.  

The United States is one of China's primary suppliers of power generating equipment, aircraft and parts, computers and industrial machinery, raw materials, and chemical and agricultural products. However, U.S. exporters continue to have concerns about fair market access due to strict testing and standards requirements for some imported products. In addition, a lack of transparency in the regulatory process makes it difficult for businesses to plan for changes in the domestic market structure. The April 11, 2006 U.S.-China Joint Commission on Commerce and Trade (JCCT) produced agreements on key U.S. trade concerns ranging from market access to U.S. beef, medical devices, and telecommunications; to the enforcement of intellectual property rights, including, significantly, software. The JCCT also produced an agreement to establish a U.S.-China High Technology and Strategic Trade Working Group to review export control cooperation and facilitate high technology trade.

The United States is one of China's primary suppliers of power generating equipment, aircraft and parts, computers and industrial machinery, raw materials, and chemical and agricultural products. However, U.S. exporters continue to have concerns about fair market access due to strict testing and standards requirements for some imported products. In addition, a lack of transparency in the regulatory process makes it difficult for businesses to plan for changes in the domestic market structure. The April 11, 2006 U.S.-China Joint Commission on Commerce and Trade (JCCT) produced agreements on key U.S. trade concerns ranging from market access to U.S. beef, medical devices, and telecommunications; to the enforcement of intellectual property rights, including, significantly, software. The JCCT also produced an agreement to establish a U.S.-China High Technology and Strategic Trade Working Group to review export control cooperation and facilitate high technology trade.

 

By 2017, the imposition of [[tariff]]s by U.S. President [[Donald J. Trump]] began to redress the imbalance.  China's economy was developed over those early decades of the 21st century as a coastal, manufacturing economy entirely dependent on exports.  Young people left their home villages in the countryside to seek work in coastal factories. The prosperity was all built on access to the U.S. consumer market, and Americans' appetite for cheap manufactured goods. Scant attention was paid to developing a domestic service sector economy, while the vast interior remained impoverished, and increasingly so as young people abandoned rural agricultural work for urban factory work.

By 2017, the imposition of [[tariff]]s by U.S. President [[Donald J. Trump]] began to redress the imbalance.  China's economy was developed over those early decades of the 21st century as a coastal, manufacturing economy entirely dependent on exports.  Young people left their home villages in the countryside to seek work in coastal factories. The prosperity was all built on access to the U.S. consumer market, and Americans' appetite for cheap manufactured goods. Scant attention was paid to developing a domestic service sector economy, while the vast interior remained impoverished, and increasingly so as young people abandoned rural agricultural work for urban factory work.

====Tiananmen Square massacre====

====Tiananmen Square massacre====