The US and China are taking their trade talks seriously amid escalating tensions in strategic matters. On Tuesday, talks were held again between the officials of the two countries. This is the second conversation between them in October. In a joint statement, the two sides said they held “practical, open and constructive” discussions on the economic outlook and issues of bilateral and multilateral cooperation. Observers say that these talks are a sign that the two countries are willing to find solutions to mutual problems in the matter of trade.
Neither country has given details about the talks. But the statement released does indicate that the talks are in a constructive direction. Analysts say that the talks held twice within a month are a sign that the two countries want to reduce the ongoing tension in the trade sector. It is said that during the talks, China raised the issue of additional tariffs imposed on Chinese products in the US and sanctions imposed on Chinese companies.
Tuesday’s conversation took place via video conferencing between US Finance Minister Janet Yellen and Chinese Deputy Prime Minister Liu He. Analysts have said that the talks took place in the US after working hours in the night according to the time there. This is a sign that the US wants an early resolution of trade issues. Earlier on November 9, talks were held between US Trade Representative Catherine Tye and Liu He.
The development has sparked enthusiasm among Chinese observers. Hu Chimu, the chief research fellow at the Beijing-based Sinosteel Economic Research Institute, told the Chinese pro-government newspaper Global Times- ‘Donald Trump’s trade policy towards China only harmed American interests. That is why it is necessary that the Biden administration reforms its thinking.
Chinese analysts have expressed hope that the US Commerce Ministry will soon remove additional tariffs on many Chinese products. According to Lingyun, an expert associated with the Chinese Academy of Social Sciences in Beijing, it is possible that the US may take this step indirectly.
According to a statement issued after the talks between Janet Yellen and Liu, the US and China agree that the recovery of the world economy is at a critical juncture at this time. Therefore, it is necessary that these two countries strengthen mutual dialogue in the matter of macroeconomic policies and maintain cooperation among themselves. Observers have said that the last time the two countries shared such language was in August 2020. Now in the midst of petroleum inflation, energy crisis, and international supply chain problems, both countries have realized the need for international cooperation.
But other analysts say the US-China trade talks are still in the early stages. There are many difficulties in the way of progress in this. The anti-China sentiment is on the rise in America. In such a situation, it is the compulsion of the Biden administration that it should take steps by blows. Therefore, there is little chance of the US-China trade relationship-improving soon.