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The Trade Act of 1974 required the trade status of PRC be reviewed annually. On May 15, 2000, Representative William Reynolds Archer, a Republican from Texas, introduced H.R. 4444 to make the trade status of China permanent, saying that the bill was a top priority for the rest of the year and it was vital to the U.S. agriculture market to have access to a market that accounts for one-fifth of ...
The requirement of an annual waiver was inconsistent with the rules of the World Trade Organization, and for the PRC to join the WTO, Congressional action was needed to grant permanent normal trade relations (PNTR) to China. [12] This was accomplished in 2000 with the United States–China Relations Act of 2000, allowing China to join WTO in 2001.
The status of permanent normal trade relations (PNTR) is a legal designation in the United States for free trade with a foreign state. The designation was changed from most favored nation (MFN) to normal trade relations by Section 5003 of the Internal Revenue Service Restructuring and Reform Act of 1998.
Permanent normal trade relations can have been extended to such country only if the president determined that it complies with the freedom of emigration requirements. However, the president had authority to grant an annual waiver, which was granted to the People's Republic of China in the late 1970s and to Vietnam and Laos in later decades.
Experts have argued that the China trade shock has ended. [1] [13] [14] In relation to consumer goods, the China shock largely ended by 2006 or 2007 [14] while indicating that for capital goods the effects of Chinese imports to the United States continued up until 2012 and are ongoing in specific product categories. [1]
Total bilateral trade turnover has increased 1200% from $1.5 billion in 2001 to over $20 billion in 2011. [4] The bilateral trade relations further developed after the U.S. granted Vietnam permanent normal trade relations (PNTR) status as part of Vietnam’s accession to the World Trade Organization (WTO) in 2007. [2]
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The terms of the Treaty are summarized as follows: Article I: Section 1 declared mutual peace and friendship between China and the U.S. Section 2 provided for the mutual exchange and recognition of diplomats with reciprocal rights, privileges, exemptions, and immunities generally recognized under international law.