US and China to Hold High-Level Talks on the 15th... Will They Thaw the Cold Atmosphere?

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[Asia Economy New York=Correspondent Baek Jong-min, Beijing=Correspondent Cho Young-shin] The United States and China will meet on the 15th to review the implementation status of the Phase 1 US-China trade agreement. It is significant that the two countries, which have been at odds over issues such as the Hong Kong National Security Law, Taiwan independence, human rights abuses against Uyghurs in Xinjiang, and territorial claims in the South China Sea since the COVID-19 pandemic, are meeting. Some suggest that this review of the trade agreement implementation could serve as an opportunity to ease tensions and explore exit strategies between the two countries.

Chinese President Xi Jinping Visits Tsiping War Memorial
Photo by Yonhap News

The US daily The Wall Street Journal (WSJ) reported on the 4th (local time) that the US and China will hold a high-level meeting on the 15th to review the implementation status of the Phase 1 trade agreement reached last January. WSJ anticipated that Robert Lighthizer, the US Trade Representative (USTR), will attend on behalf of the US, and Liu He (劉鶴), Vice Premier of China, will attend on behalf of China.

WSJ expected that in this high-level meeting, conducted via video conference instead of face-to-face, the US will check to what extent China has fulfilled its promise to import $200 billion (238 trillion won) worth of US products over two years. Since last January, China has increased imports of US agricultural and livestock products such as soybeans and pork, but it is known that the agreed targets have not been met amid the COVID-19 situation.

China conveyed to the US side at the high-level talks held in Hawaii last June that it intends to faithfully implement the Phase 1 trade agreement. China’s official position is to implement the trade agreement regardless of issues such as the Hong Kong Security Law and South China Sea territorial disputes.

On the Chinese side, it is reported that they will raise concerns about US attacks in advanced technology sectors, including pressure to sell TikTok’s US business.

Regarding this, White House spokesperson Kayleigh McEnany confirmed, "President Trump and Secretary of State Mike Pompeo have said that the US will take action within days against Chinese apps, including TikTok, due to national security concerns," continuing the pressure.

President Trump warned at the COVID-19 task force briefing the day before that he does not mind if Microsoft (MS) or another US company acquires TikTok’s US business, but if the deal is not completed by the 15th of next month, he will ban it.

President Donald Trump of the United States [Photo by AP Yonhap News]

However, concerns are growing over President Trump’s claim that a significant portion of the transaction price should be paid to the US Treasury as a rights fee. CNN reported that among US officials, there is controversy over whether the US can receive money as Trump hopes and the potential ethical issues involved.

Some predict that this review of the trade agreement implementation could become a 'turning point' in bilateral relations. If pushed to the worst-case scenario such as severing diplomatic ties, both countries would suffer more losses than gains.

Indeed, Cui Tiankai, China’s ambassador to the US, attending the Aspen Security Forum on the same day, said, "I do not think a new Cold War would benefit anyone," and added, "The world’s two largest economies, the US and China, should strive to cooperate." He also denied US allegations of spying related to the closed Chinese consulate in Houston, stating, "China does not want a repeat of Cold War history."

Chinese media have been reporting daily that US President Donald Trump is 'attacking China' ahead of his re-election bid, using anti-China sentiment as a tool for his re-election. Chinese state-run media such as the Global Times have strongly criticized the US side, even describing the TikTok ban as 'being robbed.'

Major foreign media also reported that ahead of the November presidential election, US politicians are competing to appear tougher on China in their campaigns. There are concerns that as the US presidential election intensifies, the competition between President Trump and Democratic candidate Joe Biden to attack China will further escalate.

This content was produced with the assistance of AI translation services.