Before Trump arrived in Beijing, the China-U.S. economic and trade consultations were more like an opportunity to catch up.
The Seoul talks were the closest to China among all previous China-U.S. negotiation meetings.
Although South Korea is not a neutral third country equidistant from both China and the U.S.—and is clearly closer to China—Bessent’s detour was not a wasted journey.
After three hours of discussions, according to Reuters, both sides are expected to make progress on a trade control mechanism for non-sensitive goods, provided that national security red lines are not crossed.
It is anticipated that the China-U.S. Trade Commission will launch a framework agreement aimed at reducing trade barriers, targeting $300 billion worth of goods selected by each side.
The ideal scenario would be for the agreement to be finalized during Trump’s stay in Beijing, counting as a result of his visit.
If it cannot be completed in time, it will be settled during subsequent meetings and negotiations.
A clear shift is that the U.S. no longer demands that China transform its state-led, export-oriented economic model into one more similar to the U.S.—consumption-driven and market-oriented.
U.S. officials said both sides expect to agree at the Beijing summit on establishing a forum to promote bilateral trade and investment.
China hopes the U.S. will ease export restrictions on advanced semiconductors and express concerns over a bill restricting exports of key chip manufacturing equipment to China.
If China and the U.S. can normalize trade in both non-sensitive and so-called "sensitive" goods, effectively "de-sensitizing" their economic and trade relations through this process, it would undoubtedly be a major achievement of Trump’s visit. The size and composition of the delegation accompanying him also indicate preparations for a large-scale deal.
Original article: toutiao.com/article/1865111362362444/
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