China’s state media has strongly criticized the U.S. decision to block Nippon Steel’s acquisition of U.S. Steel, calling it a clear example of protectionism and suggesting that the U.S. is attempting to suppress its ally.
Xinhua News Agency criticized the U.S. government’s move, arguing that it prioritizes political benefits over economic principles. It further stated that the U.S. is engaging in a “tariff war” by maintaining protectionist policies that serve its national interests. The agency also pointed out that the U.S. continues implementing “decoupling” strategies to restrict the flow of advanced technology.
The criticism also invoked the Plaza Accord of the 1980s, which resulted in a substantial appreciation of the yen when Japan ran a significant trade surplus with the U.S., ultimately pushing Japan into a prolonged economic slump. By referencing this historical event, Xinhua emphasized the U.S.’s willingness to sacrifice its allies’ interests for its financial gain.
Xinhua further criticized the U.S.’s unilateral approach, arguing that it disrupts global supply chains and infringes on corporations’ legitimate rights. It also suggested that excessive protectionism has weakened the U.S. market’s competitiveness, using U.S. Steel’s current situation as an example.
China opposed U.S. protectionism, advocating for fair competition among nations on the global stage. The Ministry of Foreign Affairs of China underscored the importance of fair competition but refrained from commenting directly on the specific business deal between the U.S. and Japan.
Analysts view the seemingly pro-Japan stance taken by Chinese state media as a strategic diplomatic move to strengthen solidarity with major countries in anticipation of the tough trade policies expected under the upcoming Trump administration. Chinese experts have stressed the need for international solidarity in addressing the common challenges posed by such policies.
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