Relations between the United States and China have been strained for years due to hegemonic rivalry in the Pacific and mutual suspicion of each other’s political intentions. The phone call today between the two trade ministers is part of an attempt to bridge these burdensome ties under the Biden administration.
The US (US) and China have agreed to promote reciprocal relations in trade and investment, Bloomberg News reported, citing a phone call between Chinese Trade Minister Wang Wentao and his US counterpart Gina Raimondo on Thursday morning. In what comes as their first such call since the start of the Biden-Harris administration, ministers “agreed to promote the sound development of pragmatic cooperation in trade and investment” and “exchanged honest and pragmatic views on relevant issues. and mutual concerns, “according to a statement from the Xi Jinping-led Chinese government.
Relations between the United States and China have been strained for years due to strained economic ties, hegemonic rivalry in the Pacific, mutual suspicion of each other’s political intentions and global influence. The phone call today between trade ministers from two countries is part of an attempt to bridge these tense ties during the Biden administration – and is the third call this week, after Chinese Deputy Prime Minister Liu He spoke with US Trade Representative Katherine Tai and Finance Minister Janet Yellen formerly.
China seems optimistic about recent attempts to normalize economic and political ties between the two countries. According to Gao Feng, spokesman for China’s Ministry of Commerce, the country has started “normal communication” with the United States. The two sides have agreed to pragmatically address some issues for producers and consumers and promote healthy, stable economic and trade ties, he said.
The US statements, on the other hand, do not look so positive. “While the Biden administration is committed to leveling the” significantly unbalanced “trade relations with China, there are parts of the US-China relationship that are” unhealthy and over time have been detrimental in some very important ways to the US economy, “the US said. . Trade Representative Katherine Tai said at the weekend before a meeting of Asia-Pacific trade ministers.
According to the news agency, investors and market analysts are closely following developments in the international sphere without becoming too enthusiastic about the normalization attempts just yet. While it is true that both countries’ escalation of economic and trade cooperation is a positive step worth highlighting, it is also true that any notable “game-changing decision” or announcement has not yet been made.
(With input from agencies)