Upon joining the World Trade Organization (WTO) nearly 13 years ago, China pledged to liberalize its economy and bring its trading practices more in line with international norms but evidence shows that China continues to operate as a state capitalist regime, said Kevin Dempsey, senior vice president of public policy for the American Iron and Steel Institute (AISI), in testimony today to the interagency Trade Policy Staff Committee (TPSC), headed by the U.S. Trade Representative (USTR). Outlining the detriment to the U.S. steel industry and manufacturing sector caused by unfair trade practices, Dempsey urged the U.S. government to adopt a more aggressive strategy in addressing China’s trade-distorting practices.
“The current U.S.-China trading relationship is taking a tremendous toll on U.S. manufacturers – millions of jobs have been lost, thousands of U.S. factories have been shuttered and the American steel industry has been severely disrupted,” testified Dempsey. “The U.S. needs to take much bolder and imaginative steps to address this chronic problem. Read more here.