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It is claiming injury because of the EU's "Framework Agreement" with various Caribbean and South American countries, which effectively give their producers preference in the European market.
While not defending what he called "a cosy little arrangement", Mr Miller noted: "However, the bananas in question do not grow on American soil. They are not irrigated by American rain. They are not picked by American hands nor are they packed by American labour.
"In fact, at no point between tropical herb and European oesophagus do these bananas touch the United States of America," he added.
"The US' argument seems to be that they are the fruits of American investment overseas, but let us explore the logic of this a little further.
"If an American firm invests in a textile or clothing factory in Thailand, for example, could that firm not claim that it is similarly disadvantaged by EU restraints on the importation of such products? After all, an identical economic interest is at stake.
"By extension, just to take this to a not totally absurd conclusion, could not the same firm ask the US government to take Section 301 action against itself for similar restraints on textiles and clothing imports into the US?"
Mr Miller said the EU was not entirely without blemish and he did not approve of such arrangements as they created unfair competition and therefore distorted both market shares and investment flows.
"This arrangement is no different in substance from any number of other preferential schemes run by the US in support of its proteges. If such cosy little arrangements are to be challenged, it is because they distort markets period, not because of some spurious claim of national interest," he said.
"We in Hong Kong will watch the outcome of this dispute with some interest and are delighted that the EU has responded to the US threat by suggesting that any attempt by the US to take unilateral action would be met by a dispute settlement action under the World Trade Organisation."
Mr Miller went on to criticise proposed changes to the US rules of origin for textiles and clothing.