China is looking to revise its foreign trade law to counter “bullying practices” on the rise in global trade practice amid mounting tariff pressure from the US and the western countries.
State media People’s Daily on Wednesday (September 10) announced that China’s top legislative body, National People’s Congress (NPC), is reviewing a revised draft of the country’s foreign trade law.
The announcement comes a day after US President Donald Trump urged the European Union (EU) to impose up to 100% tariff on China and India for purchasing oil from Russia.
China’s Commerce Minister Wang Wentao called the revision an important countermeasure as “unilateralism, protectionism and bullying practices are on the rise internationally.”
The communist country said it will establish “trade adjustment assistance system” to stabilise industrial and supply chains.
The draft, comprising 80 articles under 11 chapters, emphasises the need to reassess trade in certain goods and technologies and prohibit or restrict their import and export.
Countermeasures also include restricting trade with individuals or organisations that the Communist Party of China (CPC) views as anti-China.
China has been raising concerns over US for exploiting global trade practices by imposing steep tariffs since the Trump administration announced reciprocal tariffs to its trading partners. China and the US are currently under a 90-day tariff truce since August 11 after announcing a series of tit-for-tat tariffs and trade restrictions.
China has also rallied for cooperation in trading from North Korea, Russia, and India. It has increased its outreach across Asia and the global south through organisations like Shanghai Cooperation Organisation (SCO) and BRICS.
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(Edited by : Shoma bhattacharjee)
