The Information Technology & Innovation Foundation called on the US, EU and Japan to “band together in strong trilateral partnership to pressure China into rolling back the mercantilist trade practices it uses to grow advanced, innovation-driven industries”.
In a report released on Monday, the think tank warned “without aggressive, coordinated action, leading economies in Europe, Asia, and North America are likely to face a crushing wave of unfair competition”. Jobs are also threatened in industries as diverse as aerospace, automobiles, biopharmaceuticals, chemicals, electronics, digital media, Internet services, machine tools, semiconductors, and others.
“China has progressed enough economically and technologically that it no longer fears bilateral pressure against its mercantilist trade violations, but it sees collective action as a real deterrent,” said ITIF’s associate director for trade policy, Nigel Cory, who co-authored the report with ITIF President Robert D. Atkinson. “Neither the United States nor the European Union nor Japan can make China change its ways alone, but together, through a stronger trilateral agenda, they can.”
US Trade Representative Robert Lighthizer, Japan Minister of Economy, Trade and Industry Hiroshi Kajiyama and EU Trade Commissioner Phil Hogan are having bilateral and trilateral meetings this week.