The United States Treasury Secretary, Scott Bessent, defended the need to establish a more balanced trade relationship between the United States and China, arguing that the American economy has become excessively dependent on foreign imports.
During a gala dinner organized by the National Committee for US-China Relations, held Tuesday in New York, Bessent characterized the bilateral relationship as 'one of the most important of this century.' He also described the ties between US President Donald Trump and his Chinese counterpart, Xi Jinping, as genuine friendship.
However, the official emphasized that reducing US economic dependence on China is crucial for the benefit of both countries. Bessent observed that 'the North American economy has become too dependent on external supply, while China increasingly depends on foreign demand.'
He continued by explaining that, practically speaking, 'the United States must produce more than it consumes, while China must consume more than it produces.' Bessent believed that greater economic complementarity could strengthen both economies, stressing that this stance did not indicate hostility, but rather the desire to restore 'a spirit of reciprocity.'
The Chinese ambassador to the United States, Xie Feng, who was also present at the event, supported the idea of reciprocity in bilateral relations. However, he warned that 'China and the United States gain from cooperation and lose from confrontation.'
Xie Feng mentioned that 'the great revitalization of the Chinese nation and making America great again can complement each other,' alluding to Trump's political slogan.
These statements come amid ongoing trade tensions between the two largest world economies, even with a fragile truce that may end in January. Trump plans to visit Shenzhen, in southern China, next week to attend the Asia-Pacific Economic Cooperation (APEC) summit, where there should be a new meeting with Xi Jinping, which will be the third of the year.
Trade will be a central theme in the discussions. The previous week, American Trade representative Jamieson Greer held a video conference with Chinese Vice Premier He Lifeng, requesting Beijing to 'take concrete measures to fully comply with previous commitments.' Greer's request specifically focused on the acquisition of American agricultural products, rare earths, and other strategic minerals.
The official Chinese news agency Xinhua reported that Beijing expressed concern over the economic and trade restrictions imposed by Washington against China.
