I don’t understand why everyone calls it a Trade War; when US elects 25% tariff on Chinese goods it is called a Trade War but hold on a second – China promised to lower tariffs on a number of foreign goods when it joined the WTO in 2001.

In 2001 when China joined the WTO the tariff on wines imported into the country was 60% and China said that within a few years that would become 10% or so; fast forward 18 years and and the tariff on wines in China is around 48%. Same for cars, it was 140% in 1999 and is now 25% but that is just the same percentage as what the US have just elected on Chinese goods. China has not honoured any of its promises that allowed it to join the WTO yet it has milked every one of its benefits; this is how China works. They are only lawful when it is to their benefit. Why has no country said anything for so long? Now when the US elects 25% tariff on Chinese goods then everyone is up in arms.

Why are the tariffs on wines still at 48%? This is the cause of the trade imbalances in the world; China gets to export all of their goods for free and then anyone who tried to bring in anything the tax / tariffs are ridiculously high. So this is not a “Trade War” to me it is just an initiative to reduce the trade imbalances.

Secondly, when China joined the WTO it said that it would open up its banking sector to the foreign banks and by 2005 its market would be completely open fast forward 14 years its banking sector is more closed than ever before. Why has no foreign country said anything? Why has no country complained? China has been saying that it would open up for the last 20 years; I think it is about time we saw some action rather than words.

So, I welcome the US’s initiatives to try to bring about fairer trade with China and I hope that more countries would join in to demand fairer trade terms.