Local time on June 9, the delegations of China and the United States held the first meeting of the China-US economic and trade consultation mechanism in London, UK.
According to the photos released at the meeting, it can be seen that the main members of the US delegation include Treasury Secretary Bestant, Trade Representative Griller, and Commerce Secretary Rutnick.
Looking specifically at the responsibilities of the US delegation:
Treasury Secretary Bestant is responsible for macroeconomic and financial issues and is a key figure in the implementation of Trump's tariff strategy. He has a coordinating role and takes the lead in negotiations with multiple countries.
After the US imposed so-called "fentanyl" tariffs on China in February this year, the Chinese lead negotiator had a video call with Bestant at his invitation. At that time, China expressed its serious concerns during the call.
In the entire economic and trade field between China and the US, there are many topics to discuss, including both parties' concerns as well as macroeconomic communication and coordination, financial policies, and joint efforts to address global challenges.
Bestant is also very interested in these topics. As a former hedge fund manager, Bestant has been under pressure from financial markets, requiring him to clarify the trade agreement to reduce the impact on the US economy.
The US economy currently has at least four pain points:
(1) Macroeconomic growth has slowed. In the first quarter of 2025, the US GDP contracted by 0.3% on a quarterly basis.
(2) There is upward pressure on inflation. The one-year and five-year inflation expectations in the US have even surged to 6.7% and 4.4%, respectively.
(3) Manufacturing is affected. Tariff policies have not brought positive impacts to US manufacturing, with the New York Fed Manufacturing Index deteriorating to -9.2, entering negative territory, indicating that US manufacturing is still in a contraction state.
(4) Trade has slowed down. In April, the US import value fell by the largest amount in history. Due to uncertainty about tariff changes, US trade has significantly slowed down.
Facing these uncertainties, Bestant urgently needs to convey certainty to the US.
Griller’s main jurisdiction is tariffs, making him more like a "professional negotiator" for the US in handling various trade negotiations.
His office, the Office of the United States Trade Representative (USTR), once led the 301 investigation and was directly involved in the start of the Sino-US trade war in 2018. This includes the 301 investigation, technology transfer, intellectual property disputes, and trade barrier investigations, all of which fall within his responsibilities.
When Griller took office, the head of China’s economic and trade department sent a congratulatory letter for his new position.
A week before the US imposed "reciprocal tariffs," China had a video call with Griller at his request. At that time, China clearly stated that if the US insisted on harming Chinese interests, China would inevitably resolutely counteract.
The subsequent firm actions taken by China are well known.
Rutnick, who recently joined the team, comes from the US Department of Commerce and focuses more on industrial issues, such as export, import, market access, and other issues in various industries.
Before becoming the US Commerce Secretary, Rutnick served as CEO of financial company Jefferies. He has consistently called for reducing corporate taxes, reducing regulations, increasing oil production, and raising tariffs.
Regarding the tariff issue, as one of the drafters of the Trump administration's tariff plan, Rutnick once stated that regardless of the trade agreement reached, each country will continue to pay at least 10% of the global benchmark tariffs imposed by the US.
In May, when Rutnick attended an event hosted by US media, he revealed that he and Trump were distressed by the impact of the tariffs imposed on China in April on American businesses, but he also said that the pain was necessary and insisted that the tariffs were paid by countries and businesses, not consumers.
Regarding export control issues, the Ministry of Commerce itself is responsible for industry and export control. According to Bloomberg reports, Rutnick's participation in the new round of talks may indicate that the US is willing to reconsider some technological restrictions that might hinder China's long-term development goals.
Rutnick's addition also means that China has the right to continue offering opinions, seeking explanations, and responding to the US regarding the export control measures implemented by the US.
Regarding negotiation stance, Rutnick has made statements regarding other countries' cooperation with China in trade negotiations, attempting to exert pressure to influence normal trade relations between other countries and China.
China's attitude is also clear: China firmly opposes any party reaching a deal at the expense of China's interests. Appeasement does not bring peace, and compromise does not earn respect. Sacrificing others' interests for one's own temporary private gain is akin to trying to skin a tiger, ultimately resulting in losses for both sides, harming others without benefitting oneself.
In general, from the current division of labor, the US Treasury Department oversees overall coordination, the US Department of Commerce focuses on industry, and the Office of the United States Trade Representative (USTR) mainly handles technical terms in negotiations.
CNN reported that no one hopes for deadlock in the talks. Prior to this, China had already made it clear: the US should objectively assess the progress made and revoke the negative measures it has imposed on China.
No matter who the US sends, they should clearly understand that China is sincere while adhering to principles.
Original source: https://www.toutiao.com/article/7514148301755679242/
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