The removal of the special trade status granted by the US to China is a topic of discussion
businesses: Oxford Economics · US-China Business Council
- The potential revocation of the Permanent Normal Trade Relations (PNTR) law could increase tariffs on Chinese imports by an average of 61%.
- The PNTR law, which facilitated China's exports to the US, has been in place for 25 years and was expanded in 2000.
- A bipartisan bill proposed by Representatives John Moolenaar and Tom Suozzi aims to repeal the PNTR and increase tariffs on certain Chinese exports by 35% to 100% over five years.
- Oxford Economics warns that revoking PNTR could lead to a $1.9 trillion decrease in US GDP and result in 801,000 Americans losing their jobs.
- Despite acknowledging China's non-compliance with WTO obligations, the US-China Business Council opposes the repeal of PNTR due to potential economic repercussions.
Find out the mood, impact, relevance and relevant interest groups
Analyses of the article
SENTIMENT
The article highlights significant challenges and unfavorable developments regarding the potential revocation of the PNTR law, including economic downturn and job losses.
IMPACT
Long
The impacts of revoking the PNTR law would be felt over a longer period, particularly in terms of economic repercussions such as job losses and GDP decrease.
RELEVANCE
High
The article discusses a major legislative proposal that could affect trade relations and the economy, making it highly relevant to a broad audience.
STAKEHOLDER
businesses
The article primarily affects businesses, particularly those involved in trade with China, as well as the broader economy and workforce.