The new tariffs that the United States has imposed on a series of products from China is a move by US President Joe Biden to make China a scapegoat for the US’ own problems and will eventually make businesses suffer, a British business leader and trade expert said.
Jack Perry Jr, chairman of the 48 Group Club, which promotes equal and mutually beneficial trade between the United Kingdom and China, told China Daily he felt strongly over the US decision to impose tariffs on imports from China such as electric vehicles, solar panels, semiconductors and batteries.
“What they’re doing is trying to attack China and make themselves look good … They’re trying to point the finger at China, making their own economy worse, but really they should be looking at themselves,” Perry said.
“The American businesses are the ones that are going to suffer from this. American people will have to pay more for the retail price, and businesses will have to pay more for the wholesale prices … It’s not about building America better,” he said.
Referring to the “overcapacity “claim made by US Treasury Secretary Janet Yellen, Perry said it is “about positioning America against China, and don’t want China to be strong”.
“The US is talking about (Chinese products) flooding the market. That’s not true,” he said.
“Someone asked me, where do you think that America is going to have an issue with, in what sector with China next? And my answer was: whatever sector China is strong in, that’s where the Americans are going to have an issue,” he said. “It’s not about EV cars. It’s not about overcapacity. It’s not about flooding the market. It’s not about anything that they’re talking about.
“It’s about the fact that China has evolved. There’s no other country that’s taken a billion people out of poverty in 30 years. There’s no one (like China) that was the factory to the world, but now is where you go for innovation,” he added.
In April, Perry visited southern China’s Guangdong province for the China Import and Export Fair, also known as Canton Fair, following a series of business visits to dozens of companies in six provinces across the country.
Huge possibilities
“Every Chinese enterprise that I speak to out there is looking to do trade. These are successful businesses looking to trade in foreign markets. There are huge possibilities for Western countries,” he said about the recent trip to China.
The 48 Group Club signed an agreement with the China Foreign Trade Centre during the Canton Fair that gives Western companies more access to products at a reduced price, said Perry, who is also the CEO of London Export Corporation, one of the first companies to trade with China in the early 1950s.
“Looking at trade and business cooperation between China and the West, it benefits the West to be able to do business with China,” Perry said. “If you don’t do business with China, your products are going to cost a lot more. They’re going to take a lot more time to get there. It’s not going to be manufactured at a high quality. China has evolved. They are spearheading and ahead in innovation in so many different areas.”
Perry said the current geopolitical situation is scaring people from trading with China and working with Chinese companies, but “there are huge opportunities and possibilities, huge roads and paths to be able to succeed in times like this”.
He said the 48 Group Club will continue to invest in the Chinese market, announcing the launch of two funds later this year at the opening of the 48 Group’s China membership in October, and he will take a delegation consisting of executives of private equities, biotechnology and agriculture companies to visit three or four provinces in China for potential cooperation.
“Whenever there’s bad weather, there’s sun behind it. I believe business can bring the sun out,” he said.
