Fifty-one companies who are members of the U.S.-China Business Council (USCBC), ranging from Walmart to Archer Daniel Midland Company and financial services firms, this week urged President Obama in a letter to put the conclusion of a bilateral investment treaty (BIT) with China on the front burner during his meeting with Chinese President Xi Jinping next month and during his visit to China generally.
The Peterson Institute for International Economic will release a study Thursday (Oct. 16) touting the benefits of a theoretical free trade agreement between China and the United States, including increased income and export gains, while also acknowledging that such an agreement could lead to 500,000 to 1 million lost U.S. jobs over a 10-year span.
The Treasury Department on Wednesday (Oct. 15) pointed to data showing that China's currency is still 5 to 10 percent undervalued, but said there are new indications that its intervention in the currency market has tapered off and that Beijing seems more willing to allow the renminbi (RMB) to strengthen in relation to the dollar.
Deputy U.S. Trade Representative Robert Holleyman is currently in Beijing, where he will meet with Chinese government officials on trade and investment issues as well as set the stage for the upcoming U.S.-China Joint Commission on Commerce and Trade (JCCT).
Chinese Vice Minister of Finance Zhu Guangyao this week said the United States and China are seeking to conclude negotiations on a bilateral investment treaty (BIT) before President Obama leaves office in two years, but highlighted that the two sides face hurdles to meeting that goal.
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U.S. Trade Representative Michael Froman is putting the onus on four major U.S. trading partners – China, Japan, the European Union and India – to show flexibility in their negotiating positions in trade initiatives where they are at odds with the United States.
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