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May 27, 2021

US And China Back Friendly?

 Following the end of former president Donald Trump's presidency, it has been rare to see news of US -China trade relations that have sparked chaos in financial markets in the past.

Yet, in this latest development, it seems that relations between the two countries have improved under the leadership of President Joe Biden.

Most recently, two leaders of U.S.-China trade talks, U.S. Trade Representative (USTR) Katherine Tai and Prime Minister Liu He’s deputy, reportedly held their first calls on Thursday.

While there has been no sharing of details on trade developments, or whether tariffs imposed under the Trump administration will be reinstated, however, it is seen as very positive.

According to a statement from the Chinese Ministry of Commerce, the two sides agreed to communicate further and described the call as an attitude of mutual respect. Beijing often uses the phrase when asking for better communication with the US.

In a separate statement, the USTR office said Tai discussed its employee-centered trade policy and its ongoing review of U.S.-China trade relations, while also raising some issues of concern.

The statement did not specify what issues were raised during the call, adding that Tai is looking forward to future discussions with Liu.

Earlier this week, the U.S. -based Peterson Institute for International Economics said that purchases of U.S. goods by China were still far from the amount agreed in the phase 1 agreement signed since January 2020.