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cover of episode 10 Years of US-China Trade Relations

10 Years of US-China Trade Relations

2023/10/31
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China in the World
AI Deep Dive AI Chapters Transcript
People
C
Chun Ding Ding
C
Claire Reed
D
Da Wei
J
Jiaqing Guo
S
Sheena Gretens
S
Susan Thornton
T
Tim Stratford
Y
Yao Yang
Y
Yukon Huang
Topics
Tim Stratford: 我认为TPP是一个极其重要的倡议，它打破了美国和该地区国家之间的贸易壁垒，真正有助于促进经济利益和美国与这些国家之间更多的互动。TPP最初启动是为了在全球贸易谈判停滞不前时，为全球贸易谈判注入更多动力。我们的想法是，如果我们能够展示下一代贸易协议的样子，并表明参与者真正从中受益，那么它就可以帮助激发人们对贸易自由化的更多兴趣。中国最初对TPP谈判持怀疑态度，因为他们没有参与。但现在中国看到了一些进展，他们开始认为TPP可能对中国也有利。如果TPP能够达成并证明其益处，它可能会成为该地区更多贸易自由化的催化剂。追求TPP和RCEP的融合是一个建设性的目标，符合所有人的利益，但需要数年才能实现。TPP谈判旨在实现非常深入和广泛的自由化，而RCEP在这方面则不那么雄心勃勃。让TPP建立起来，看看它运作得如何，其他国家可能会希望也参与其中。如果有一个平台让大家讨论他们现在能做什么，只要每个人都朝着正确的方向前进，那么在某个时候看到融合会非常好。

Deep Dive

Chapters
This chapter provides an overview of the significant shifts in US-China trade relations over the past 10 years, highlighting key events and milestones such as the rare earth metals dispute, China becoming the largest bilateral trade partner of the US, the US-China trade war, and the "Phase One" trade deal. It sets the stage for a deeper dive into specific aspects of these developments.
  • Significant changes in US-China trade ties since 2012
  • Rare earth metals dispute at WTO in 2012
  • China's trade surplus with the US reached $315 billion in 2012
  • China became the largest bilateral trade partner of the US in 2015
  • US-China trade war started in March 2018 with tariffs
  • "Phase One" trade deal signed in January 2020
  • Biden administration maintained Section 301 tariffs
  • US-China trade negotiations remain at a standstill

Shownotes Transcript

To commemorate the 10th anniversary of the China in the World podcast, Carnegie China is launching a series of lookback episodes, using audio clips from previous interviews to put current international issues in context. For the fifth and final episode in this series, the podcast looks back on 10 years of US-China trade relations. 

US-China trade ties have undergone significant changes since the launch of the China in the World podcast. In March 2012, the United States, the EU, and Japan filed a dispute at the World Trade Organization over China’s quota on exporting rare earth metals. That same year, China’s trade surplus with the U.S. reached an all-time high of $315 billion. In 2015, China became the largest bilateral trade partner of the U.S., surpassing Canada for the first time. In March 2018, the Trump administration announced sweeping tariffs on $50 billion worth of Chinese imports, kicking off the U.S.-China trade war. After bilateral negotiations with Beijing broke down in May 2019, the Trump administration raised tariffs from 10 to 25 percent on $200 billion worth of Chinese goods. Finally, in January 2020, the “Phase one” trade deal was signed, relaxing some U.S. tariffs and requiring China to import an additional $200 billion worth of American goods for the next two years. After coming to office in January 2021, the Biden administration maintained the Section 301 tariffs on China and, at the end of 2021, U.S. officials stated that China failed to meet its commitments under the Phase 1 trade deal. In 2023, Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo travelled to China and agreed to establish working groups on commercial and financial issues. However, negotiations over structural economic issues such as subsidies, investment restrictions, and non-tariff barriers remain at a standstill. This episode helps shed light on the evolution of U.S.-China trade relations over the past 10 years.