The political and economic situation between the U.S. and China has changed immensely since the election of President Donald Trump to The White House. It appears the framework for working between the two largest economies in the world has become increasingly based on the thoughts and ideas of the leaders of these two nations, U.S. President Trump and China’s President Xi Jinping. Both politicians have consolidated their power in the last two years and are leading the economic battle between the two nations based on their own whims.
In order to build a stronger, fairer relationship between the two global superpowers view supported by the China-US Exchange Foundation it is essential the two leaders soften their approach to working together and look at the success of recent history. The Administrations of President Barrack Obama and President Hu Jintao maintained a sense of distrust as they worked together but found a way of working around their problems to bring success to the global economy. Following the 2008 economic slowdown, China held on to the belief the reckless nature of the U.S. economy was to blame for the financial issues facing the world. However, under the leadership of Hu Jintao, the Chinese government worked with U.S. officials to develop trade programs allowing the movement of goods between the two nations with few problems.
In order to retain the peaceful trading groundwork laid under the previous leaders of both nations, both leaders must be willing to soften their approach to each other and free trade. The first steps to be taken would be for President Trump to soften the trade tariffs he has been keen to place on imported goods which were followed by a reduction in the number of goods ordered by Chinese officials from the U.S.
A softening of attitudes must also take place in China where too much of the country remains sealed off from the import of goods from the U.S. and around the world. A good example is a limited number of Hollywood movies allowed to be screened in China and her territories without Chinese investment being in place.
The need for both nations to work at the relationship between the U.S. and China has never been greater and could result in a boost for the struggling economies of both nations. As the economy of China changes to a more consumer-based version compared to the manufacturing economy of the last decade, it is important the trade agreements between the U.S. and China reflecting these changing times.