Where are trade relations between China and the United States? – The Express

The two men will discuss commercial and geopolitical issues. The White House has indicated that this meeting aims to “responsibly manage the rivalry” between Washington and Beijing. Both countries are calling for greater stability in their economic and political relations. As a visit to Washington is politically unfeasible, Apec offers Xi Jinping a unique chance to see his counterpart on American soil.

During his visit, Xi Jinping is scheduled to dine with American business leaders. The Xi Jinping-Joe Biden summit follows a series of meetings in recent months between high-level officials from the two countries.

Sino-American relations have deteriorated sharply since Joe Biden’s lunch in the Chinese capital more than a decade ago. Disputes have accumulated, from trade in Taiwan, to rivalry in new technologies and the struggle for influence in the Asia-Pacific region, particularly in the South China Sea.

The United States notably imposes trade restrictions on the export of several American products to China, notably those of high technology in the semiconductor sector. Washington says these measures are crucial to preserving its national security. Beijing sees this as a maneuver aimed at slowing down its economic growth. The United States also imposes sanctions against many Chinese companies.

Janet Yellen met on the 9th and 10th with Chinese Vice Premier He Lifeng in San Francisco, as part of the Asia-Pacific Economic Cooperation summit. He Lifeng “clearly expressed his country’s concerns” regarding these practices and “demanded that the American side respond to them with concrete actions”, according to a press release published by the Chinese government. Xi Jinping should plead with Joe Biden for a relaxation of trade sanctions imposed by the United States.

For her part, the American minister declared that her country was not seeking to “dissociate” economically from China, “which would be detrimental” to both countries, and “would destabilize the world”. But “for economic relations to be healthy, American workers and businesses must be treated fairly,” she continued.

American companies present in China regularly express their concern about Chinese regulations considered vague and preferential treatment for local companies. According to China, He Lifeng and Janet Yellen, however, “welcomed the development of healthy economic relations that provide a level playing field for businesses and workers of the two countries and improve the well-being of the two peoples.”

Paradoxically, despite degraded relations between the two countries, bilateral trade reached a record level of $690 billion in 2022, according to the annual report of the World Trade Organization (WTO) published last September. The interdependence between the two largest economies in the world therefore seems to have never been so strong.

Last year, however, was marked by a containment policy in China which restricted trade. American imports of Chinese products nevertheless climbed to reach 537 billion dollars. For their part, American exports to China, despite the suspension of Boeing 737 Max deliveries, reached 153 billion.

Apec was created three decades ago, when U.S. policymakers believed that strong trade would bring countries along the Pacific Ocean closer together. This optimistic vision has had its day.

Joe Biden’s administration is only offering a limited economic pact to Apec and has therefore spent recent months strengthening sanctions against China. If the United States deploys significant diplomatic resources to reconnect with China, it seeks, on the other hand, to isolate Russia, a member of Apec, because of its invasion of Ukraine.