U.S. and China Agree to New Economic Dialogue Format

Published  25-09-2023

The United States and China have created a new way to talk about their money and trade stuff. They want to be better friends because they've been having some fights recently.

The U.S. Treasury Department said they're making some groups where people from both countries can talk about money and share ideas. They want these groups to meet regularly and discuss policies and information. This idea came after some of President Biden's top advisors went to China in the summer. They went there to try and make things less tense between the two countries on money and world politics.

The U.S. Treasury Department said these new groups will be a good way to have honest and important talks. People from the Treasury will tell Secretary Janet L. Yellen about what they talk about, and the Chinese people will tell Vice Premier He Lifeng.
U.S. and China Agree to New Economic Dialogue Format
Janet L. Yellen said these groups will be a good way to talk about what America wants and what problems it has. They also want to make sure that American workers and businesses have a fair chance to compete with China. Plus, they want to work together on problems that affect the whole world.

But, the U.S. and China still don't agree on lots of money stuff, like taxes, controlling technology, and rules on investing. The U.S. government has also been worried about how American companies are treated in China.

This new group idea is a bit old-fashioned. They used to do this a long time ago, but they stopped when Donald J. Trump was the President. Now they're starting it again.

Some experts say this is a good idea because both countries can talk about their problems and maybe make them better. But they don't think it will fix everything, especially because the U.S. is getting ready for another election soon.
U.S. and China Agree to New Economic Dialogue Format
In the 1970s, the U.S. government changed the rules. They gave the job of talking about trade to a new office called the Office of the United States Trade Representative. Before that, it was the Treasury Department's job. This change happened because American businesses and workers didn't like what the Treasury and State Department were doing in the past.

Under Presidents George W. Bush and Barack Obama, the Treasury led the talks with China. But President Trump changed things and said every part of the government should talk to China on its own. He liked his trade representative, Robert E. Lighthizer, more than his Treasury secretary.

Now, the U.S. is going back to the old way. The Treasury will lead the talks with China on money and trade. They will also talk about helping poor countries with their debts and things like financial safety.

Treasury Secretary Janet L. Yellen said this new way of talking is a big step forward in the relationship between the U.S. and China. Please Share This Article Thankyou..

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