00:00 Before watching the video, I remind you that there is more content on the Hotline.
00:05 On December 12, the five major trade unions, including the U.S. Steel Workers' Union,
00:10 filed a lawsuit against the U.S. Trade Representative Office.
00:13 They asked the Biden administration to conduct trade investigations
00:17 on China's unreasonable and discriminatory behavior, policy, and practices in maritime logistics and shipbuilding.
00:23 After the review, the U.S. Trade Representative Office announced yesterday
00:27 that its department has decided to use the US Trade Act 301
00:31 to launch an investigation into China's behavior, policy, and practices in key maritime, logistics, and shipbuilding areas.
00:37 This is the 301 investigation that the media often talks about.
00:40 The U.S. President Biden, who is holding a campaign in Pennsylvania,
00:43 is fighting for re-election.
00:45 Yesterday, he gave a speech at the U.S. Steel Workers' Union Headquarters in Pittsburgh, the capital of steel.
00:51 He said that the U.S. Trade Representative Office is currently investigating
00:54 whether the Chinese government has anti-competitive trade in the steel industry.
00:59 If there is any anti-competition,
01:01 Biden said he would urge the authorities to increase the tariff tax rate of related products
01:06 from 7.5% to 2 times, to about 22.5%.
01:11 U.S. President Joe Biden went to Pittsburgh, Pennsylvania,
01:18 the capital of steel, yesterday.
01:20 In addition to promising confidence to local steel workers
01:23 and promising to protect the steel industry,
01:25 Biden also publicly criticized China for pointing out that the Chinese have caused substantial damage to the U.S.
01:31 by using cheating to lower steel prices.
01:34 Biden reiterated that he hopes that the U.S. and China can compete fairly,
01:48 instead of having conflicts.
01:50 At the same time, he also believes that increasing the tariff of Chinese steel products
01:53 will not damage his relationship with China's President Xi Jinping.
01:57 The U.S. launched a new round of 301 investigations.
02:18 This decision immediately aroused strong dissatisfaction in China.
02:21 The spokesperson for the Chinese Ministry of Commerce said
02:23 that the U.S. approach is full of "unreasonable accusations"
02:26 and "disregards normal trade and investment activities as harmful to U.S. national security and corporate interests"
02:32 and "blames China for its own industrial problems,
02:35 and violates economic common sense without factual evidence."
02:38 China urged the U.S. to immediately stop such a wrong approach
02:43 and respect the facts and multilateral rules, and return to a multilateral trade system based on rules.
02:49 China stressed that it will closely monitor the progress of the investigation
02:53 and take all necessary measures to firmly defend its own rights.
02:58 [Music]
03:01 [Music]
Comments