What is the US-China Board of Trade?
Summary
The U.S. Trade Representative has asked the public for input on which non-sensitive goods should have lower tariffs as part of a new U.S.-China Board of Trade. This board was created after President Donald Trump’s talks with Chinese leader Xi Jinping in Beijing to help manage trade and reduce tensions between the two countries.Key Facts
- The U.S. Trade Representative is seeking public comments on cutting tariffs for non-sensitive goods.
- The Board of Trade was established during President Trump’s visit to China from May 13 to 16, 2024.
- The goal is to support balanced trade while protecting U.S. economic and national security interests.
- Stakeholders from industries like manufacturing, fishing, ranching, and small business are encouraged to participate.
- The deadline to submit feedback is July 10, 2024.
- The Board of Trade focuses on managing trade in goods, while a separate Board of Investment will handle investment issues.
- Tariffs on Chinese goods had been very high, reaching up to 145 percent during the trade war.
- Reducing some tariffs could help ease trade tensions and allow for better cooperation between the U.S. and China.
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