Under Secretary of Commerce for International Trade Stefan Selig says the United States and China are changing their approach to this year's Joint Commission on Commerce and Trade (JCCT) by seeking to tee up concrete outcomes ahead of the high-level meeting and adding a new, adjacent forum for U.S. and Chinese businesses.
The Office of the U.S. Trade Representative has announced the United States will host this year's U.S.-China Joint Commission on Commerce and Trade (JCCT) in Chicago from Dec. 16-18. USTR Michael Froman, Commerce Secretary Penny Pritzker and Agriculture Secretary Tom Vilsack are all slated to take part in the high-level meeting.
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.
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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).
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