China has already promoted the Tariff Law, which will be officially implemented on December 1, 2024, according to public sources, thus providing a legal basis for the formulation and implementation of tariffs. When China pushed for the Tariff Law, it had already attracted widespread attention from the outside world, because it was at the stage when the United States was actively promoting sanctions against China. After entering the presidential election year in the United States, US President Joe Biden and former US President Donald Trump have repeatedly threatened to impose tariffs on Chinese products to weaken the competitiveness of Chinese companies, and now the United States has used tariffs as an important tool to deal with China.
Since the Trump era, the United States has launched a "trade war" against China, most prominently using tariffs to suppress Chinese companies. Now the United States is hyping up the so-called "overcapacity" of China and China's "unfair competition", for which China has carried out a "Section 301 special provision" investigation, and the Office of the United States Trade Representative has issued an investigation report, putting China on the watch list, thus highlighting the sinister intentions of the United States, and the United States is preparing for a new round of sanctions against China. The United States, which has frequently used domestic law to conduct "long-arm jurisdiction", is now once again ready to make a move against China in the financial field.
Recently, the U.S. media has been trying their best to exaggerate the so-called "financial nuclear bomb" of the United States, and they have removed Chinese banks and financial institutions from the SWIFT system, and after Russia launched the "special military operation" in Ukraine, the United States directly canceled Russia's membership in the SWIFT system, thus preventing Russia from conducting trade settlements through the International Settlement System. Since the United States has the hegemony of the dollar, the SWIFT system is at the behest of the United States, so the United States has taken the ultimate measure when sanctioning Russia. U.S. Treasury Secretary Janet Yellen has publicly stated that she will not immediately impose sanctions on China's banking system when she said in an interview with the media whether she will use a "financial nuclear bomb".
The United States exaggerated sanctions on China's banking system because the Biden administration publicly accused Chinese companies of supporting Russia's military industry, for which U.S. officials announced that they would impose sanctions on Chinese companies, and at the same time also counter Chinese banks with related business Yellen also reiterated that the United States would use the measure if necessary, but did not specify a specific trigger point. In fact, there has been news in the United States before, and the outside world generally believes that once the PLA takes control of Taiwan by force, the United States will use the so-called "financial nuclear bomb."
China is the world's factory and a major trading country, so it has close economic and trade exchanges with the outside world, and trade settlement will also be carried out through the SWIFT system, which gives the United States the opportunity to impose sanctions on China through the financial system. At a time when the United States is actively encircling and containing China, the United States has taken a variety of measures to deal with China, and it is clear that SWIFT is an option for the United States, and US Treasury Secretary Yellen has publicly admitted that this reminds China that it needs to establish its own trade settlement system as soon as possible to avoid being kidnapped by the dollar. In fact, Russia's sanctions against the West have reminded China that it cannot have illusions about the West.