XI and Biden Meet for First Time in Nearly a Year

Late last week, representatives from the U.S. opened the American Food and Agriculture Pavilion at the China International Import Expo. This is the first official U.S. exhibit at the pavilion in the expo's history. As tourists and potential customers toured the displays, nearly a billion dollars in contracts were signed between Chinese buyers and U.S. producers.

U.S. trade policy continues to focus on increasing trade. This week, U.S. President Joe Biden and Chinese President Xi Jinping got together in California for their first face to face meeting in nearly a year. After the high level talks concluded, Xi had words of cooperation and caution. 

Xi Jinping, Chinese President: “China never bets against the U.S., never interferes in its internal affairs. China has no intention to challenge or to replace the U.S.. Instead, we are glad to see a confident, open, and prosperous U.S.. Likewise, the U.S. should not bet against China. The U.S. should not interfere in China’s internal affairs. It should instead welcome a peaceful, stable, and prosperous China.”

Xi added that if both superpowers see each other as competitors it will lead to misinformed policies, misguided actions and unintended outcomes.

During the 4 hours the two were together, they discussed combating illegal fentanyl and reestablishing military communications. 

Xi also met with U.S. business leaders hoping to get some clarification on what kind of trade might be possible as China expands its security rules. 

A group of Senate Republicans expressed concern ahead of the meeting stating in part that there is no such thing as ‘healthy’ economic competition with China and that the United States should not throw any sort of economic lifeline to Xi after what they feel is the mess he made of the Chinese economy. 

Biden stressed the importance for peace and stability in the Taiwan Straits and objected to Beijing’s non-market economic practices. While there was little talk of agricultural trade, the two men resolved to continue working.

President Joe Biden: “Look, do I trust? I trust but verify, as an old saying goes. That's where I am. And, you know, we're in a competitive relationship, China, the United States. But my responsibility is to to make it make this rational and manageable so it so it doesn't result in conflict. That's what I'm all about. That's what this is about.”

For Market to Market, I’m David Miller.