Media: U.S.-China High-Level Trade Officials Hold "Constructive" Call Again; White House "National Security Strategy" to Rebalance Economic Relations Between the Two Countries

On Friday, December 5th, U.S.-China high-level trade officials held another call again to discuss trade issues, including efforts to implement agreements aimed at easing the trade war between the two countries.

According to Xinhua, a Chinese official news agency, the Chinese side held a "deep and constructive" video call with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jacquelyn Gilliam. The report stated that both sides agreed to promote stable development of bilateral economic and trade relations, "expand the scope of cooperation, and reduce cooperation issues." The participants "positively evaluated" the implementation of previous trade negotiation results and discussed next steps for cooperation and addressing mutual concerns.

U.S. Treasury Secretary Bessent posted on X that officials discussed the implementation of the "Busan Arrangement," which was approved during face-to-face talks between the U.S. and China at the APEC summit in Busan, South Korea, in October.

According to the agreement, the United States agreed to lower tariffs on Chinese goods in exchange for Beijing cracking down on illegal fentanyl trade, resuming purchases of U.S. soybeans, and maintaining smooth rare earth exports.

Bessent said in his post that the implementation of the arrangement was "progressing smoothly." "I also reiterated the United States' commitment to continue engaging with China."

On Wednesday, Bessent said that China is ready to fulfill its commitments under the U.S.-China agreement, including purchasing 12 million tons of soybeans, and he stated that this transaction would be completed by the end of February 2026. Gilliam said on Thursday that U.S.-China trade needs to remain balanced and may have to be scaled back, "to avoid excessive dependence from both sides, and should focus on non-sensitive goods areas."

According to reports, both sides expressed their intention to continue playing the role of the U.S.-China economic and trade consultation mechanism under the strategic guidance of the two heads of state, "continuously expanding the list of cooperation and shortening the list of issues, and promoting the continued stable improvement of U.S.-China economic and trade relations."

In the White House's "National Security Strategy" released on Friday, which outlined President Trump's second term, the report stated: "In the future, we will rebalance the economic relationship between the United States and China, emphasizing reciprocity and fairness to rebuild America's economic independence." It specifically pointed out that this means balancing U.S.-China trade and ensuring trade "focuses on non-sensitive areas."

The report predicts that if the U.S. and China can establish a mutually beneficial relationship, the U.S. economy is expected to grow from the current $30 trillion to $40 trillion by the 2030s. The report mentioned that the U.S. strategy toward China requires participation from American allies, with an idea that the U.S. should cooperate with treaty allies, which could add an additional $3.5 trillion in economic power.

The report also called on the U.S. to "encourage Europe, Japan, South Korea, Australia, Canada, Mexico, and other important countries to adopt trade policies that help rebalance China's economic structure and shift it toward household consumption, as Southeast Asia, Latin America, and the Middle East cannot alone absorb China's massive trade."

Source: rfi

Original: toutiao.com/article/1850774960892171/

Statement: This article represents the views of the author.