US-China Trade War: Contact Again

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There has been renewed contact between the United States and China regarding the trade dispute between the two countries.

 

US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He spoke during a video conference.

According to a statement from China’s Commerce Ministry, Yellen and Liu discussed “a matter of mutual interest.” Details on when the two countries would resume formal negotiations to settle their tariff war were not released.

Last Thursday, representatives of the US and China spoke about their trade relations for the first time since US President Joe Biden took office. Liu then spoke with the new US trade envoy, Katherine Tai.

Biden himself said earlier that he sees China as the biggest competitor. He is not seeking a conflict with China but “will defend American interests in all areas.”

Both countries have been embroiled in a trade dispute for three years, with reciprocal punitive tariffs. In particular, the Americans accuse China of unfair trade practices, unauthorized state aid, market barriers and intellectual property theft.

In January 2020, a partial agreement was signed, which reduced some of the import duties again. China also promised to buy more American products.

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