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Starting in early 2020, a very unlikely anomaly started appearing in global trade data: China said it was selling more goods to the U.S. than the U.S. reported buying from China.

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America’s trade with China, though far from even, has nonetheless moved dramatically away from its former state of imbalance.

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US-China trade talks leave ‘much room for cooperation’ despite few details and no response from Washington

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The trade relationship between the two largest economies in the world has “significant imbalance” and the Biden administration is committed to leveling it, according to the U.S. trade representative.

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China hailed on Thursday the resumption of "normal discussions" with the United States on the trade and economic fronts, apparently keen to move beyond a trade war as it said both sides aimed to resolve issues pragmatically.

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US and Chinese trade negotiators have made contact over the two countries' ongoing trade dispute for the first time since US President Joe Biden took office.

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However loudly U.S. politicians vow to compete with China, they seem happy to quit the field and let Beijing win in one crucial area: trade. If President Joe Biden hopes to build a coalition in Asia to counterbalance China’s rise, he can’t afford such defeatism.

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Senior officials from the United States and China are meeting in person on Thursday for the first time since US President Joe Biden took office. But progress toward solving major economic sources of strain — including disputes over tech and trade — is unlikely.

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The US has re-extended tariff exclusion on about 99 categories of medical products from China from March 31 to September 30 to aid the fight against COVID-19, media reports said. The nearly one-hundred-item list includes masks, gloves, blood pressure cuff sleeves and X-ray tables.

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When President-elect Joe Biden is inaugurated next week, he will quickly move to transform most dimensions of United States (US) policy. A glaring exception is China. But if Biden maintains outgoing President Donald Trump’s confrontational approach to the world’s second-largest economy, he will come to regret it.

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