In China, the United States is an easy target for officials looking to boost their own careers in an atmosphere of growing nationalism. In the United States, accusing opponents of being too soft on Beijing is a convenient political weapon. This mutual demonization inflames both respective nationalisms, complicating any U.S. and Chinese policy efforts to create a framework for managing competitive coexistence. The Biden administration began its tenure during the pandemic that Donald Trump blamed the PRC for. Newly formed American diplomacy raised the issue of climate change, the deepened interference by the Chinese authorities in Hong Kong and the violation of the laws of the Uyghurs in Xinjiang. Despite disagreements over the above issues, Blinken put forward an expanded list of areas for US-China cooperation, including the denuclearization of the Korean Peninsula, “shared global challenges” brought by Iran and Burma, and the climate crisis.

U.S.-China Trade War Escalates

The board said it was able to get “unfettered access” to all audit documentation in these inspections, potentially saving some companies from forced delistings. The new bill comes after the Committee on Foreign Investment in the United States (CFIUS) threatened to ban TikTok completely in the US if Bytedance did not sell its US stake in the app. It also follows the No TikTok on Government Devices Act (S.3455), which was signed into law in December 2022, and bans US government employees from downloading TikTok on official government-issued devices.

• During their visit to Beijing, the Treasury delegation also met with Chinese Vice Premier He Lifeng.
• Statements released by both sides indicate that the two presidents discussed a wide range of issues, including their complex bilateral relations, their stances on Taiwan, and views on health security, climate crisis, global energy supplies, and key regional challenges in North Korea, Afghanistan, and Iran.
• Although airlines are now permitted to operate more flight routes, it is not guaranteed that they will be able to operate at full capacity, as there are several other factors keeping flight numbers down.
• On the same day, Chinese Ambassador to the US Qin Gang, speaking at the Aspen Security Forum in Colorado, criticized the US’ increasingly close ties with Taiwan, stating that “The United States is … blurring out the “One China’ policy”.
• However, Chinese regulators have since indicated they will work with US regulators to resolve the issues surrounding the audit of US-listed Chinese companies.

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A core part of the IRA, which was signed into law in 2022, is to boost investment and development of green industries in the US by providing a range of subsidies, incentives, and tax credits to green industries, including domestic EV manufacturing. In May 2024, the US raised tariffs on Chinese EV imports from 25 percent to 100 percent, citing the domestic development of the industry as a motivator for the hike. Wang Yi reiterated China’s consistent policy of mutual respect, peaceful coexistence, and win-win cooperation, urging the US to implement Biden’s commitments and adopt a rational and pragmatic policy towards China. He emphasized that China does not seek hegemony and is committed to peaceful development and the well-being of the Chinese people. Exporters will be required to apply for licenses through provincial commerce departments and submit detailed documentation, including contracts, technical descriptions, end-user and end-use certificates, and identification of key personnel. The Ministry of Commerce, in conjunction with relevant departments, will review applications and issue export licenses.

Diplomacy post-Biden-Xi summit is a test of intentions.

Commerce Secretary Wilbur Ross unveils a ten-part agreement between Beijing and Washington to expand trade of products and services such as beef, poultry, and electronic payments. Ross describes the bilateral relationship as “hitting a new high,” though the countries do not address more contentious trade issues including aluminum, car parts, and steel. The Ronald Reagan administration issues the “Six Assurances” to Taiwan, including pledges that it will honor the Taiwan Relations Act, it would not mediate between Taiwan and China, and it had no set date to terminate arms sales to Taiwan. The Reagan administration then signs in August 1982 a third joint communiqué with the People’s Republic of China to normalize relations. Though President Reagan voices support for stronger ties with Taiwan during his presidential campaign, his administration works to improve Beijing-Washington relations at the height of U.S. concerns over Soviet expansionism. Reagan visits China in April 1984 and in June, the U.S. government permits Beijing to make purchases of U.S. military equipment.

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China has been routinely making such extensions amid the prolonged US-China trade war, and this is the fifth time. The mutual detentions and release have dominated international headlines with the underpinnings of hostage diplomacy. It remains to be seen how the sudden turn of events will affect US-China and China-Canada relations. Canadian Prime Minister Justin Trudeau was just re-elected in September after calling for early elections and his government appears keen to maintain strong economic and trade ties with Beijing. Meanwhile, Washington DC is likely to view the situation less favorably, for strategic reasons. Beijing described the meeting as “candid, constructive, substantial, and effective”, which has enhanced mutual understanding.

However, in April, Congress approves the Taiwan Relations Act, allowing continued commercial and cultural relations between the United States and Taiwan. The act requires Washington to provide Taipei with defensive arms, but does not officially violate the United States’ One-China policy. China’s radical industrialization policies, known as the Great Leap Forward, lead the Soviet Union to withdraw advisors in 1960. Moscow replaces Washington as China’s biggest threat, and the Sino-Soviet split contributes to Beijing’s eventual rapprochement with the United States.

Officials from the Biden administration have repeatedly said that the US’ stance on the One China policy has not changed. The number of flights has remained low in part due to a dispute between the two countries over flight operators and permitted routes. China’s Ministry of Commerce (MOFCOM) has announced that it will place export restrictions on 14 gallium and germanium items, key metals used for the production of chips and other electronic components, in order to “safeguard national security and interests”. Meanwhile, a readout of a media Q&A on Yellen’s visit published by China’s Ministry of Finance (MOF) echoed some of the sentiments of Yellen’s speech, stating that “a healthy and stable Sino-US relationship is not only beneficial to the two countries but also conducive to world peace and development”. It also stated that the meetings with Yellen were “frank, pragmatic, in-depth and constructive”.

The uncertainty over his dealmaking and the cost of the tariffs, which are paid by U.S. importers and usually passed on to consumers, have raised worries about the outlook for the U.S. economy. And although analysts welcomed the apparent easing of tensions with China, they also warned that the issues dividing Washington and Beijing are unlikely to be resolved anytime soon. In this Council Special Report, CFR fellows Jennifer Hillman and Inu Manak contend that U.S.-led changes to international rules on subsidies would give the United States a powerful tool to address its concerns over competition with China. U.S. consumers have benefited from lower prices, and U.S. companies have profited immensely from access to China’s market. In a 2019 study, economists Xavier Jaravel and Erick Sager found that increased trade with China boosted the annual purchasing power of the average U.S. household by $1,500 between 2000 and 2007. A 2023 report by the U.S.-China Business Council, an industry group, found that exports to China supported more than one million jobs in the United States, or about 0.5 percent of the civilian labor force.

According to the readout posted on the Ministry of Foreign Affairs (MFA) website, mergers and acquisitions for dummies the two recalled the secret visit that Kissinger made to China 52 years ago – which paved the way for the historic meeting between Chairman Mao Zedong and President Richard Nixon – and the subsequent development of US-China ties. China has denounced the signing of the EO by President Biden, with a Chinese Foreign Ministry spokesperson stating that “China strongly deplores and firmly opposes the US’s single-minded rollout of restrictions on investments in China”. This is the latest in a long string of meetings between Chinese and US officials in recent months and marks the latest efforts between the two countries to re-establish regular communication since the meeting between Biden and Xi in November 2022.

The announcement does not mention targeted export restrictions to any country in particular, however, it has been widely seen as retaliation for the US’ export controls of key semiconductor technology. In October 2022, the US Department of Commerce implemented new export controls on advanced computing and semiconductors, requiring companies to receive a license to export US-made advanced computing and semiconductor products to China. Wang also held two rounds of meetings with Secretary of State Antony Blinken, in which “Both sides agreed to work together to achieve a meeting between the two heads of state in San Francisco”, per the Foreign Ministry. The two sides committed to engaging in various forms of communication, including “China-US maritime affairs consultations, China-US military control and non-proliferation consultations, China-US foreign policy consultations, and China-US coordination on disability affairs”. They also discussed signing a memorandum of understanding on cooperation on disability affairs in the near future.

• Meanwhile, the readout from the Chinese Ministry of Foreign Affairs called the talks “candid, substantive and productive”.
• More than eight hundred Chinese products in the industrial and transport sectors, as well as goods such as televisions and medical devices, will face a 25 percent import tax.
• OpenAI CEO Sam Altman often relies on this rhetorical device to advocate for whatever incentive or exemption from regulation he is pursuing at the moment.
• In addition, the readout said that “China stated its serious position on Taiwan and other major issues of principle.
• This is the first face-to-face meeting between the countries’ military commanders since 2022 and follows a video conference call between the Secretary and the Admiral on April 16.

In the opinion of Asian media such as “Global Times” or “People’s Daily” it was a key moment in changing the balance of power in relations between countries. According to experts from “The Diplomat”, the Chinese tried to change the dynamics of political relations between countries. Blinken stressed on human rights and the ongoing military coup in Myanmar, while Yang called for Washington to stop interfering in China’s internal affairs and respect China’s sovereignty. While both leaders extended festival greetings to the other, the US side emphasized concerns raised on economic practices, human rights, and Taiwan, while China focused on mutual respect, cooperation, and dialogue. The US Secretary of State Antony Blinken and National Security Advisor Jake Sullivan will meet with China’s most senior foreign policy official, Yang Jiechi, and Foreign Minister Wang Yi in Anchorage, Alaska on March 18, according to the US State Department. US Special Presidential Envoy for Climate John Kerry and China Special Envoy for Climate Change Xie Zhenhua met in Shanghai on April 15 and 16, 2021 and announced a joint statement.

The new order expands on an earlier Trump-era blacklist and hits 59 Chinese firms, including the communications giant Huawei. Many of the newly targeted companies are subsidiaries and affiliates of major state-owned companies and businesses named on the earlier blacklist. According to the law, individuals or entities involved in making or implementing discriminatory measures against Chinese citizens or entities could be put on an anti-sanctions list. Chinese authorities also have the power to take countermeasures against other individuals or organizations with specific ties to blacklisted individuals or entities.

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The climate talks also come after a series of extreme weather events in both countries in 2023, adding to the urgency for bilateral cooperation and consensus on climate change. On Sunday, China set a new heat record of 52.2C in Xinjiang Province and has experienced a series of severe heat waves and flooding in recent weeks and months. The US has seen similarly extreme weather events this year, including flooding, heat waves, and the adverse impact of wildfires in neighboring Canada. The readouts from the White House and the Chinese Ministry of Foreign Affairs (MFA) repeated familiar talking points from recent meetings between US and Chinese officials. The two working groups are the latest effort made by China and the US to improve ties and enhance bilateral cooperation on important issues.

The spokesperson urged the U.S. to correct its actions and cancel all additional tariffs on Chinese goods, stating that China will take necessary measures to firmly safeguard the interests of Chinese enterprises. China’s preferential trade status, a cornerstone of its economic growth, is under renewed scrutiny in the United States. The US-China Economic and Security Review Commission (USCC), a leading advisory panel on China, has recommended repealing this status. The panel argues that it allows China to enjoy favorable trade terms despite engaging in unfair trade practices. This proposal aligns with growing bipartisan support in the US Congress for adopting a tougher stance on China’s economic policies. China Briefing previously monitored and documented major developments during the US-China trade war in the Trump era.

A handful of other countries, including Australia, Canada, and the United Kingdom, also refuse to send officials to the games. Chinese officials say the United States is trying to “politicize sports, create divisions and provoke confrontation.” No athletes publicly protest during the Olympics, though several skip the opening ceremony and speak out against China’s abuses after the games. In addition to his levies on China, he has imposed “baseline’’ 10% taxes on imports from every country in the world . And he’s announced even higher taxes — so-called reciprocal tariffs ranging from 11% to 50% — on countries with which the United States runs a trade deficit.