(Jeremie Waterman & Dan Markus – U.S. Chamber of Commerce)
While Saturday marked the first 100 days of the Trump administration, another important 100-day mark is on the horizon. Earlier this month, President Trump met Chinese President Xi Jinping for the first time. At their meeting, the two leaders agreed to a 100-day plan to achieve results to improve the bilateral economic and commercial relationship, including reducing the trade deficit.
The 100-day plan sets the stage for the future of relations between the world’s two largest economies. The bilateral relationship is enormously consequential for the U.S., China, and the world. For the United States, trade with China supports millions of U.S. jobs, and China’s growing consumer market is critically important to U.S. exporters and investors. For China, the United States is its largest goods export market. And for the world, the U.S. and China constitute 40 percent of global GDP.
Despite the opportunities, challenges are continuing to restrict the full potential of the bilateral relationship, and they are increasingly eroding its foundation. China’s economy remains too closed to American exporters and investors, a fact at least rhetorically recognized by China’s leaders who have stressed the importance of further market-based economic reforms and opening to the future of the Chinese economy. Chinese subsidies for a range of domestic industries—solar, steel, aluminum, wind turbines, and others—have substantially reduced the volume of U.S. exports and artificially depressed global prices, thereby harming U.S. manufacturing. Click here to read more.