Chinese President Xi Pushes for Stronger US Business Ties

The U.S. and China have had a rocky economic relationship over the past few years, marked by trade tariffs and strong rhetoric from politicians. But a change may be in the air.

China’s President Xi Jinping said Washington and Beijing should do more to overcome their differences, while he met with prominent U.S. business executives. He also told them China is working on improving its business environment.

Tense Relations

Relations between the U.S. and China have been strained for the past few years. In 2018, former President Donald Trump initiated strict tariffs on Chinese goods, setting off a trade war between the world’s two biggest economies.

President Joe Biden has upheld those tariffs. The U.S. has also introduced further limits on exports to China in key sectors such as semiconductors, and made electric vehicles with certain Chinese-made components ineligible for government subsidies. Chinese companies have faced increased scrutiny stateside as well. A proposed bill that would ban TikTok in the U.S. if China-based owner ByteDance doesn’t sell the app recently advanced to the Senate.

Improving Relations

Xi’s comments come as foreign investment in China has declined. Nevertheless, China represents one of the biggest markets for many U.S.-based multinational corporations, and remains a manufacturing hub for prominent companies like Apple (AAPL), Nike (NKE), Chevrolet (GM), and more.

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