Recently, two key developments have emerged in the economic and trade fields between China and the United States. On the one hand, the first day of the new round of economic and trade talks between China and the United States in Madrid, the capital of Spain, sent out a positive signal for the easing of bilateral relations. On the other hand, the United States has previously announced the imposition of new tariffs on certain PET products, and the trade pattern is facing adjustments. The superimposition of the two major events has drawn high attention from the global market to the direction of China-Us economic and trade relations and changes in the global trade order.

The high-level economic and trade meeting between China and the United States in Madrid sent a signal of easing bilateral relations

On September 14 local time, China and the United States held talks on economic and trade issues in Madrid, Spain. Experts' analysis suggests that the "hidden topics" of this meeting may pave the way for a possible meeting between the leaders of the two countries before the end of the year. Trump has repeatedly expressed his interest in holding such meetings. In August, Trump said that he expected to visit China by the end of this year or shortly after, and pointed out that economic relations between the two countries had improved. It also sends out an important signal that Sino-US economic and trade relations may have a chance to ease, and is regarded as a key turning point that is expected to rewrite the global trade pattern.

This meeting took place against a complex international backdrop of slowing global economic growth, ongoing geopolitical conflicts and accelerating supply chain restructuring. The encounter between the world's two largest economies has drawn much attention.

Data shows that in the first eight months of 2023, the trade volume between China and the United States decreased by 12.3% year-on-year. The tense bilateral economic and trade relations have had a significant impact on actual trade exchanges. Especially in the high-tech field, the US export control measures against China have led to a significant decline in the export of products such as chips and software to China. Meanwhile, China's holdings of US Treasury bonds have dropped below 800 billion US dollars, the lowest level since 2009. The trend of "de-dollarization" has intensified the urgency for both sides to seek a new balance.

It is worth noting that the choice of Madrid, Spain as the venue for the talks is quite symbolic. As an important member state of the European Union, Spain's participation is believed to potentially imply that the EU hopes to play a bridging role between China and the United States and promote the reconstruction of the multilateral trading system.

The three core agendas of the talks are: tariffs, technology regulation and supply chain cooperation

Judging from the agenda of the talks, the issue of tariffs is the top priority. At present, the United States still imposes tariffs on about 350 billion US dollars worth of Chinese goods. These tariffs not only push up the inflation level in the United States but also undermine the competitiveness of Chinese export enterprises. The two sides may reach a roadmap for phased tariff reduction.

Technology regulation is another important issue. The US measures such as restrictions on chip exports to China and investment reviews have severely restricted bilateral scientific and technological cooperation. China hopes that the US will relax unreasonable technological export controls and create a fair competitive environment for enterprises of both countries.

In addition, supply chain cooperation has also become a key point of discussion. In the face of global challenges such as climate change, public health and food security, China and the United States share common interests. The two sides may reach a consensus on building a more resilient supply chain system to avoid "decoupling and disconnection".

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