The report welcomed an improvement in relations in 2023 that was capped by summit meetings of Chinese leader Xi Jinping and President Joe Biden, but said the U.S. presidential election in November was “looming large” over the future business environment.
It’s unclear what ramifications a victory for either Biden or former President Donald Trump might have for relations. But Trump could deepen a trade war he started during his first term. His tough rhetoric on China and isolationist approach to foreign policy could ramp up uncertainties.
More recently, U.S. Treasury Secretary Janet Yellen visited Beijing, where she raised concerns that potential overcapacity in Chinese industries — such as electric vehicles, steel making and solar panels — might crowd out U.S. and other foreign manufacturers.
The fact that such visits are taking place shows “that on difficult issues, the two governments are talking and they’re able to do so in a way that’s not acrimonious. So that was very positive,” said the chamber’s chair, Sean Stein.
The Chamber sees high-level exchanges and communication between the two sides as a top priority, the report said.
American businesses are frustrated by slow progress on promises to level the playing field between foreign and Chinese companies, the report said. Meanwhile, heightened U.S. export controls and other restrictions have raised the costs of doing business.
The report also had recommendations for the U.S. side, including providing clear visa policies for Chinese students to show they will be welcomed. Similarly, American students should be encouraged to study in China, the report said.
MDT/AP
