A few days ago, Biden officially became the new owner of the White House and the 46th President of the United States after the inauguration of the president. It represents the official end of the era of Trump.
As for the trend of Sino-US relations that everyone has always been concerned about, Finance Minister Yellen promised to conduct a comprehensive assessment of China’s implementation of the first phase of the trade agreement. Sino-US relations are still hard to”turn over”. Exclude a certain degree of trial period on both sides.
The U.S. Treasury Secretary will evaluate the China-U.S. Phase 1 Agreement
According to Reuters According to the report, Treasury Secretary Ye Lun, nominated by US President Biden, reviewed the lawmakers’ commitment to conduct a comprehensive assessment of China’s implementation of the first phase of the trade agreement, and stated that Washington will work more closely with allies to resolve China’s”improper” behavior.
According to documents published on the website of the Senate Finance Committee, Yellen said that the Biden administration will comprehensively review all aspects of Trump’s trade policy with China, including China’s implementation of the first phase of the trade agreement. Yellen said that China must never be allowed to violate US sanctions.
Yellen also said that the Biden administration will give priority to domestic investment in workers and infrastructure before signing any new free trade agreements.
The worst is over
No matter what strategy the new US administration adopts against China and the direction of bilateral relations, Sino-US relations are still hard to”turn over”. A Chinese Policy makers also pointed out that a certain degree of trial period on both sides cannot be ruled out.
“After Biden takes office, we expect that the two sides will restart the working-level dialogue, and may reopen related negotiations.” UBS Asia Economic Research Director Wang Tao said that the overall characteristics of China and the United States will be reduced risks and uncertainties, cooperation in competition, and overall confrontation risks will be reduced.
However, considering the tariffs that the previous US government has imposed and some technological restrictions, she pointed out that The Biden administration may use tariffs as a bargaining chip, and tariffs and restrictions on China may be difficult to remove in the short term.
Globalization think tank reports that although the new government will continue to handle Sino-US relations from the perspective of competition among major powers, However, its focus is inward, and its tendency to compete with China in a rational way of enhancing its own strength and emphasizing diplomacy and soft power will be significantly different from the Trump administration.
As for the direction of future Sino-US trade negotiations, the report says it will be possible:
First, focus on adjusting the excessively huge US exports imposed on China, so that It is in line with China’s needs and compliance capabilities;
Secondly, the high tariffs on Chinese goods exported to the United States will be substantially reduced;
Finally, speed up the negotiation of the second phase agreement between China and the United States.
Sino-U.S. trade friction event
In 2020, Sino-U.S. bilateral trade in goods will grow by 8.8%
According to the General Administration of Customs Statistics show that in 2020, the total value of bilateral trade in goods between China and the United States was 4.06 trillion yuan, an increase of 8.8%, accounting for 12.6%of my country’s total import and export value during the same period. Among them, exports to the US were 3.13 trillion yuan, an increase of 8.4%, and imports from the US were 931.87 billion yuan, an increase of 10.1%.
In terms of exports, in 2020, China’s exports of mechanical and electrical products to the United States were 1.92 trillion yuan, an increase of 9%, accounting for 61.4%of the total value of exports to the United States in the same period. Among them, exports of notebook computers and mobile phones increased by 23.4%and 4.6%respectively. In the same period, the export of labor-intensive products increased by 9.8%, and the export of medical materials and medicines increased by 30.7%.
In terms of imports, in 2020, China imported 162.74 billion yuan of agricultural products from the United States, an increase of 66.9%, of which imports of soybeans, pork, cotton, and crude oil increased by 56.3%, 223.8%, 121.7%and 88%respectively. . In addition, imported cars were 60.01 billion yuan, down 4.1%.
In 2020, my country’s top five trading partners will be ASEAN, the European Union, the United States, Japan and South Korea. The imports and exports of trading partners were 4.74, 4.5, 4.06, 2.2 and 1.97 trillion yuan, an increase of 7%, 5.3%, 8.8%, 1.2%and 0.7%respectively. In addition, my country’s imports and exports to countries along the “Belt and Road” were 9.37 trillion yuan, an increase of 1%.
The article is selected from the WeChat public account”Trade Investment Network”, January 22, 2021
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