U.S.- China Relations: Tensions Still Rising, But Talks Continue
U.S.-China relations have deteriorated further over recent months. The US imposed another round of tariffs on September 1, and as a result, tariffs now cover 67% of goods imported from China. Earlier in the summer, the US imposed restrictions on Chinese technology companies and labelled China as a currency manipulator. As mentioned in DBRS’s previous updates, the underlying disagreements between the governments in the two countries go well beyond “fairness†in trade. The current U.S. government sees the bilateral relationship as imbalanced due to the current direction in China’s policies, including its focus on one-party control, an active industrial policy, and extensive support for Chinese firms in key sectors. While a trade deal may eventually come through, resolving U.S. concerns over Chinese support for strategic industries and other related economic issues will be difficult within the confines of a trade agreement.
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