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The Moving Trends of Trade Policies of the U.S. and European Countries: Policy Options for Countermeasures (No.187, 2021)


By Xu Hongqiang & Zhang Qi, Research Department of Foreign Economic Relations, DRC

Research Report, No.187, 2021 (Total 6252) 2021-7-6

Abstract: Recently, the newly-formed government agencies of the U.S. and European countries have issued a number of policies on trade development with great importance attached to economic revitalization, digitalization-based transformation, green development and the enhancement of coordination between alliances and multilateral cooperation. These adjustments have revealed some new moving trends of US and European countries’ foreign trade and economic policies. It needs to be noted that their trade and economic policies vary to some extent, focusing respectively on the positioning of their status in the world, the major issues of their trade policies and main measures to tackle the focal issues. The U.S. and European countries have kept a close eye on the impact of China’s rise on global economy and world pattern, and they have regarded the handling of the trade and economic ties with China as the sole separate national policy. Consequently, they have exerted continuous pressure on China in the fields of rules and regulations, technologies and values. The new trade deals launched by the U.S. and European countries have posed greater pressure and challenges to China’s external environment, but there are rooms for us to make maneuver. We need to further promote the opening-up to a higher level and strengthen the breakthroughs in core technologies; we need to forge ahead with digitalization-based transformation and green development; and we need to proactively expand our friendship circle and enhance our participation in the restructuring of global economic and trade rules.

Keywords: the trade policies of the U.S. and European countries, new trends, digital economy, green development, multilateralism