US Secretary of State Antony Blinken has met with President Xi Jinping, Foreign Minister Wang Yi, and Minister of Public Security Wang Xiaohong during a three-day visit to China, holding “in-depth, substantive, and constructive discussions”. The US is proposing to increase tariffs on 14 Chinese goods, targeting renewable technologies, semiconductors, and healthcare products in particular. They include imposing a 100 percent tariff on Chinese electric vehicles (EVs) in 2024, up from the current 25 percent. According to MOFCOM, the IRA “uses products from specific regions such as the US as a subsidy premise, excludes products from WTO members such as China, artificially sets up trade barriers, and pushes up the cost of energy green transformation.” It also called the measures “discriminatory, protectionist”, and in violation of WTO rules. Senior officials from the US Department of the Treasury and the People’s Bank of China (PBOC) convened in Shanghai for the fifth meeting of the Financial Working Group (FWG) on August 15-16, 2024. The FWG, established by US Secretary of the Treasury Janet L. Yellen and Chinese Vice Premier He Lifeng in September 2023, is a key forum for ongoing financial dialogue between the two nations.

• A total of 549 products were initially up for consideration for reinstatement of tariff exemptions, but only products that met certain criteria were ultimately chosen for the exclusions.
• We know that President Trump has been, you know, very eager to do business in Russia since he visited the Soviet Union for the first time in 1987.
• So Russia’s strategic posture will continue to be the same, except I would expect Russia to be more assertive globally if it is able to secure this reset with the United States.
• Jake Sullivan, US National Security Advisor, has declared publicly that the US does not intend to modify China’s political structure, which China appreciates.
• Sherman will be the second senior American official visiting China since President Joe Biden took office, following a visit to Shanghai in April by John Kerry, Biden’s special envoy on climate.

China-US Subnational Exchanges Under the Biden Administration

In total, 27 entities and individuals located in China, Pakistan, Russia, Japan, and Singapore were added to the Entity List on November 24. US businesses are banned from selling materials and equipment to the listed foreign entities. The agreement has led to cautious optimism among investors, with shares of major Chinese tech stocks rising 6 percent after the announcement. However, analysts have expressed skepticism over the viability of the agreement, as the two sides appear to have different understandings of the scope of the agreement. It is therefore likely best forex indicators that more companies will be required to delist before a workable solution is found. On the afternoon of November 14, 2022, US President Joe Biden and Chinese President Xi Jinping held their first face-to-face meeting since Biden took office in early 2021.

A Deal May Not Be Good for the World

The two sides struck a conciliatory tone and reached a consensus to improve cooperation on a number of issues, while acknowledging areas of disagreement. The agreement comes ahead of the planned meeting between President Xi Jinping and President Joe Biden in San Francisco on Wednesday, November 15. In the suit, TikTok argued that the bill “infringes on its First Amendment right to make editorial choices over content curation”, while the users argued that “their right to speak on the platform is limited by the bill”.

The New Age of Global Trade

Officials from the Biden administration have repeatedly said that the US’ stance on the One China policy has not changed. Meanwhile, the MOFCOM readout stated that the Chinese side expressed major concerns about the US’ economic and trade policy towards China, semiconductor policy, export control, and foreign investment review”, referring to the US’ semiconductor export ban, trade sanctions, as well as possible plans to limit US investment in China. Yellen and He previously met in July 2023 during the former’s trip to Beijing, in which the two agreed to maintain high-level exchanges and communications on economic issues in particular. These meetings resulted in the establishment of the Economic and Financial Working Groups in September, which convened “for the first time in recent weeks and had their second meetings yesterday” (November 9), according to Yellen.

In dealing with China, Biden signaled he was in no rush to depart from the Trump administration’s policies. The same day, Biden’s aides, including the nominee for Secretary of State, Antony Blinken, and the nominee for Treasury Secretary, Janet Yellen, indicated that the president planned to take a multilateral approach by enlisting the support of Western allies to maximize Washington’s leverage on Beijing. China has been routinely making such extensions amid the prolonged US-China trade war, and this is the fifth time. Beijing described the meeting as “candid, constructive, substantial, and effective”, which has enhanced mutual understanding. According to the report by China’s state media Xinhua Agency, Xi has warned Washington about building closer links with self-ruled Taiwan and called for cooperation with the US on economic development and avoiding decoupling. Xi said the US and China should enhance cooperation in terms of economy, energy, law enforcement, education, science and technology, cyberspace, and environmental protection.

Russia Is Only Winning Inside Trump’s Head

In addition, delegates from the American Meat Export Federation, the USA Poultry and Egg Export Council, the USA Rice Federation, and the US Cranberry Marketing Committee will also be present, per CIIE organizers. The conclusion of the meetings coincided with the release by the MEE of a Methane Emissions Control Action Plan, a potential move to lay the groundwork for further discussions on methane reduction at COP28. The meetings between He and Yellen are an important stepping stone to the much-anticipated meeting between President Xi Jinping and President Joe Biden on Wednesday, November 15, during the APEC Summit in San Francisco. Chinese General Liu Zhenli has held a video call with US General CQ Brown, the first senior military communication between Washington and Beijing since they were suspended in August 2022.

Declining trade flows

The Biden administration has expressed a wish to discuss U.S.-China trade issues with its allies first. It is critical that they do this immediately so that relations between the United States and China can be repaired. The implication of the U.S. government’s prioritization of supply chain review is that Washington wishes to secure its supply chains to reduce reliance on China and to increase competitiveness with China in manufacturing of goods like semiconductors. Even so, the United States should not waste time in engaging with China to reinforce what has been, in the past, a mutually beneficial relationship.

This difference over the final disposition of tariffs could very well put a deal of any size out of reach. Newly sworn in, US President Joe Biden delivered his inaugural address and signed a flurry of executive orders on his first day in office. Five Chinese companies – Huawei Technologies Co., ZTE Corp., Hytera Communications Corp., Hikvision Digital Technology Co., and Dahua Technology Co. – were named to a new blacklist published by the US Federal Communications Commission (FCC) on national security grounds under a 2019 law. Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen held a video meeting over economic ties, the second between senior officials from both sides in the past week. The readouts of the meeting were similar to that of the last one between Liu He and US Trade Representative Katherine Tai. US President Joe Biden withdrew a series of Trump-era executive orders that sought to ban new downloads of China-owned apps WeChat and TikTok.

The Joint Treasury-PBOC Cooperation and Exchange on Anti-Money Laundering (AML), which had met in-person for the second time, discussed beneficial ownership and potential revisions to China’s AML laws. According to the DOC, the export controls, which came into effect on September 6, 2024, seek to ensure these items are not used for purposes contrary to U.S. national security or foreign policy”, as they could be used for military purposes. The controls apply to all countries, with exceptions provided for exports and reexport to countries that have themselves implemented export controls on these items. The issues that were to be addressed throughout the trade war go beyond an exploration of supply chains. They cover the material in the Phase One agreement, including intellectual property rights, technology transfer, and expansion of trade purchases, as well as a general adversarial approach to U.S.-China trade that views a trade surplus between the two countries as unfair to the United States.

It would not be difficult to arrange a visit by Xi to Mar-a-Lago, where he and Trump could reset U.S.-China relations, much like former President Richard Nixon’s historic trip to China in 1972. On the trade-account side, China could increase its imports of U.S. oil and gas by 25 percent over 2024 levels, generating an additional $5 billion in spending. Even with this increase, the U.S. share of China’s energy imports would remain less than one-third of Russia’s, preserving Chinese energy independence.

And so long as those fundamental strategic judgments hold, it isn’t clear to me that perhaps a tactical reprieve in U.S.-Russia relations would alter that fundamental dynamic. But there is a fundamental mistrust of the United States among the current and previous and probably future Russian leadership. And they’re not going to squander this relationship with China that they’ve built up over the past couple of decades. So having said all this, one of the goals behind the Trump administration’s outreach to Moscow and resetting relations is that they seem to believe that they can separate Russia from China, that they can induce Putin to rethink his relationship with Xi Jinping and with China and do whatever you want to call it, a reverse Kissinger.

Annex A provides a detailed table of the tariff increases across 14 product groups specified by the President, encompassing 382 subheadings and 7 statistical reporting numbers. These products are primarily in sectors targeted by China for dominance or where the U.S. has recently made significant domestic investments. China’s preferential trade status, a cornerstone of its economic growth, is under renewed scrutiny in the United States. The US-China Economic and Security Review Commission (USCC), a leading advisory panel on China, has recommended repealing this status.

• Being added to the SDN list subjects them to sanctions, restricting their access to the U.S. financial system and prohibiting U.S. persons from engaging in transactions with them.
• The effect of China’s far-reaching diplomatic actions were its unhampered steps in the South China Sea.
• “So we believe that it is important for the United States to change its own image and to stop advancing its own democracy in the rest of the world.” – Yang Jiechi spoke during the talks.
• On the afternoon of November 14, 2022, US President Joe Biden and Chinese President Xi Jinping held their first face-to-face meeting since Biden took office in early 2021.

It was clear from ameritrade forex broker the beginning that the key issue for the new president would be relations with the People’s Republic of China (PRC). In the perspective of bilateral relations between the United States and China, there was supposed to be a “new opening”. However, this does not follow a principle that only promotes prolongation of “pax Americana”. Two months later, just days after the announcement of the latest US chip restrictions, Beijing also unveiled plans to curb exports of graphite, a mineral required to make batteries for electric vehicles. If that were not enough, the degrading of common economic interests would also erode any shared commitments on security between the United States and its traditional allies.

This marked their final meeting before Biden leaves office, as President-elect Donald Trump’s administration prepares to take over in January. Topics ranged from cybercrime, Taiwan, and the South China Sea to trade, North Korea, and Russia. Xi emphasized China’s commitment to maintaining stable, healthy ties with the US, acknowledging past tensions but expressing readiness to work with the Trump administration to manage differences and expand cooperation. Here, we present a fresh timeline that will track key developments affecting bilateral ties between the world’s two largest economies under the Biden administration. This post on X has been widely shared and could be used by the China hawks in Trump’s cabinet as evidence that Beijing is Washington’s biggest foreign policy and economic threat. “The fentanyl issue is a flimsy excuse to raise US tariffs on Chinese imports,” the foreign ministry spokesperson said.

I would just say that if there Defi stocks is to be any fundamental change in the dynamics of the Sino-Russian relationship, I think that those would be far more likely to emerge from a recalibration on the part of either China or Russia about the net strategic utility of the relationship, as opposed to from external pressure. Redefining the United States’ relationship with China does not mean compromising on important security issues; Washington should not grant Beijing access to sensitive technologies or turn a blind eye to state subsidies that unfairly advantage Chinese industrial products. Trump’s goal should be to keep China firmly embedded within the U.S.-led global economic system while sharing more of the benefits of bilateral trade with American workers.