The two superpowers have agreed to create economic and financial working groups that will hold regular meetings to discuss policy and exchange information.
The United States and China have created a new structure for economic dialogue in an effort to improve communication between the world’s largest economies and stabilise a relationship that has become increasingly strained in recent years.
The Treasury Department said the new working groups would create “ongoing structured channels for frank and substantive discussions”. Treasury officials will report to Secretary Janet Yellen, who travelled to Beijing in July. China’s representatives, from its Ministry of Finance and the People’s Bank of China, will report to Vice Premier He Lifeng.
He added, “The formation of these working groups is unlikely to lead to a significant de-escalation of trade and economic tensions but will at least reduce the risk of any further escalation, especially as the US political season heats up.” But Trump did not endorse those arrangements and instead backed Lighthizer, who ended up negotiating a limited trade agreement that was signed by both countries in January 2020, and remains in place.
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