China and U.S. Engage in Constructive Trade Talks

On March 15, 2023, Chinese Vice Premier Lifeng met with U.S. Treasury Secretary Scott Bessent in Paris for in-depth discussions on economic and trade issues of mutual concern.

The talks were characterized as candid and constructive, focusing on tariff arrangements, promoting bilateral trade and investment, and maintaining existing consultative consensus. Both sides reached a new consensus to continue consultations and strategic guidance, following five rounds of economic trade consultations in the previous year, which yielded significant outcomes.

The discussions were prompted by a recent U.S. Supreme Court ruling regarding tariffs and the imposition of an additional 10 percent import surcharge under the International Emergency Economic Powers Act.

China expressed its expectation for the U.S. to follow through on the consensus reached by the two heads of state, aiming to expand cooperation and reduce trade-related issues. The talks emphasized the importance of stabilizing the U.S.-China economic relationship for global economic growth and supply chain security.