The United States is set to release details regarding the outcomes of its trade negotiations with China on Monday. Jamison Greer, the U.S. Trade Representative, announced this news on Friday and added that significant progress has been made in these negotiations.
Meeting Between the U.S. President and the Chinese President
The U.S. government recently hosted Xi Jinping, the President of China, at the White House. However, no signs of progress on sensitive issues between the two countries were observed. Greer stated, "We are in a managed trade situation. We have made progress, and I think on Monday, more details will be released about what we have achieved in negotiations with the Chinese over the past few weeks."
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Agreements on Key Goods
He also noted that the United States has reached an agreement with China regarding the exemption of certain key goods from trade disputes. Greer explained that the United States will send agricultural products and medical equipment to China, while receiving consumer goods and other non-sensitive items from China. He added, "We have actually agreed with the Chinese on issues that, if we have trade disputes in the future, we have set aside the topics."
However, Greer emphasized that the ongoing negotiations do not include a number of high-quality U.S.-made chips that require licenses. He referred to these chips as "the crown jewels of American technology" and stated, "These are the means by which we stay ahead in the competition for artificial intelligence and superintelligence, and these discussions are not really on the table in these negotiations."
U.S. Treasury Secretary's Talks with China
This week, Scott Basset, the U.S. Treasury Secretary, met and discussed with Li Lifeng, the Vice Premier of China. They agreed to extend the agreement that halted the trade war until January 10. This agreement has helped stop reciprocal tariffs that reached over 100%.
These negotiations and agreements are taking place as both countries strive to manage their trade disputes, which could help reduce economic tensions between the two major global powers.
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