US-China Different Expectations Over Summit... China Hopes for Tariff Cuts

China Hopes to Ease Trade Sanctions to Resolve US Inflation Issue
Xi Jinping's Offensive vs Biden's Defensive... Maintaining Stable Relations Ahead of Major Political Events Next Year

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Chinese media expressed expectations that the United States will ease trade sanctions such as tariffs, which have been used as leverage to pressure China, ahead of the first US-China virtual summit.

China's state-run Global Times reported on the 16th that the US is facing economic difficulties, including the risk of inflation, and that President Joe Biden's approval rating has plummeted due to recent economic, political, and diplomatic circumstances.

The Global Times assessed that President Biden has no choice but to be proactive in this summit and hopes to cooperate with China. It also analyzed that there is a high possibility of a softened stance or measures regarding trade-related issues.

Regarding the summit between the two leaders, the Chinese Ministry of Foreign Affairs also left a positive but general message. At a regular briefing held the previous day, spokesperson Zhao Lijian said, "China and the United States are currently at an important crossroads," and added, "We hope the US will strengthen dialogue and cooperation with China, effectively manage differences, and handle sensitive issues well." He further stated, "As major powers, China and the US should respect each other and pursue peaceful coexistence, and we hope bilateral relations return to a healthy and stable development track."

Chinese government-affiliated scholars predict that the US may implement measures such as tariff reductions on Chinese products to address inflation issues. The consensus among Chinese experts is that tariffs used to pressure China have instead become a poison to the US.

Gao Lingyun, a researcher at the Chinese Academy of Social Sciences, argued, "Stable prices of Chinese exports can be the key to maintaining the US inflation rate at a certain level," and emphasized, "Measures to ease trade sanctions, such as tariff reductions, are necessary for healthy and stable competition."

Within China, there are also calls to redefine the nature of US-China relations. China emphasizes that the relationship with the US is one of 'cooperative competition,' whereas the US defines it as 'intense competition.'

Lu Xiang, a researcher at the Chinese Academy of Social Sciences, said, "This summit could be the first step in defining bilateral relations," and asserted, "If the US continues to adhere to a competitive strategy against China, it will gain no benefits."

The Global Times reported recent remarks by US Treasury Secretary Janet Yellen and US Trade Representative Katherine Tai, suggesting that the US might take measures such as tariff reductions after this summit.

In fact, Secretary Yellen stated in an interview with CBS that "rising international commodity prices tend to increase domestic (US) inflation," which poses a significant burden on the US economic outlook.

The Global Times also reported that the US Trade Representative is currently reviewing the US-China Phase One trade agreement.

The Global Times emphasized that the US has installed trade barriers applying ideology to trade and technology issues to pressure specific countries, and that the US political sphere must stop actions that undermine international trade rules and the global market order.

Contrary to Chinese state media's evaluation that President Xi Jinping will take an offensive stance and President Biden a defensive one in this summit, the prevailing view is that both leaders will approach the talks based on necessary and sufficient conditions.

President Xi is preparing for the successful hosting of the Beijing Winter Olympics in February next year and the Hangzhou Asian Games, as well as the 20th Party Congress, while President Biden is facing midterm elections, so it is expected that there will be no sharp confrontations. Since both leaders need a stable situation, the dominant expectation is that they will engage in talks only on matters where mutual concessions are possible.

In this regard, a senior White House official emphasized ahead of the summit, "Trade issues between the two countries will not be mentioned at this summit."

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