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Addressing a gala hosted by the National Committee on U.S.-China
Relations at a New York ballroom, Bessent extolled the
countries’ bond as “one of this century’s most consequential
relationships” and portrayed ties between President Donald Trump
and Chinese leader Xi Jinping as a genuine friendship. But
Bessent said reducing U.S. reliance on China was necessary for
both countries.
“The American economy has grown too dependent on foreign supply,
while China has become increasingly reliant on the foreign
demand. In other words, the United States must produce more of
what we consume, while China must consume more of what it
produces,” Bessent said. “Working together, we can strengthen
both our economies.”
That stance, Bessent said, “does not reflect hostility” but
seeks to restore “a spirit of reciprocity.”
Xie Feng, the Chinese ambassador to the U.S., echoed calls for
“reciprocity,” but told those gathered that “China and the
United States stand to gain from cooperation and lose from
confrontation.”
“The great rejuvenation of the Chinese nation and making America
great again can complement each other,” he said.
The leaders’ comments come as trade tensions with Beijing
persist, with a fragile truce set to expire in January. Trump is
expected to travel to the southern Chinese city of Shenzhen next
week to meet Xi for the third time this year. Trade is likely to
be high on the agenda.
U.S. Trade Representative Jamieson Greer had a video call with
Chinese Vice Premier He Lifeng last week in which Greer’s office
said he urged Beijing to take “concrete actions to fully
implement its past commitments, particularly as they relate to
agricultural purchases, rare earths, and other critical
minerals.”
China’s official news agency Xinhua reported that China
expressed concerns on the call about Washington’s restrictive
economic and trade measures against Beijing.
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