This week, the United States and China continued to take action on commitments made during the leaders’ meeting in October.
On Wednesday, President Joe Biden and President Xi Jinping met face to face for the first time in over a year on the sidelines of APEC in San Francisco. According to a White House readout, the leaders had a candid and constructive discussion and agreed to strengthen cooperation in several areas.
USCBC commissioned Oxford Economics to build upon our previous study and estimate the economic impact of an escalation of existing tariff measures in the form of revoking China’s PNTR status, a scenario that has been put forward by some in Congress and by three of the leading Republican presidential candidates.
In May, USCBC published an article about the troubling number of proposals being discussed in Congress and on the campaign trail calling to revoke China’s Permanent Normal Trade Relations (PNTR) status. This is a position held by the three frontrunners for the Republican presidential nomination in 2024.
After years of conflicting reports on the health of the Belt and Road Initiative (BRI), a recent summit in Beijing indicated that the project is moving in a new direction. On October 17 and 18, China hosted the third Belt and Road Forum for International Cooperation to set the agenda for the next decade.
From October 30 to 31, China convened the twice-a-decade Central Financial Work Conference, an agenda-setting moment for the financial sector. This year’s event took place amid ongoing local government and property sector debt challenges.
On Tuesday, the White House confirmed that it has reached an agreement “in principle” for President Joe Biden and President Xi Jinping to meet on the sidelines of the APEC Leaders Meeting in San Francisco taking place November 11 to 17. The agreement was announced after Chinese Foreign Minister Wang Yi met with Biden, National Security Advisor Jake Sullivan, Secretary of State Antony Blinken, and a delegation of US business leaders in Washington last week.
USCBC will be filing comments with the Bureau of Industry and Security on the two new interim final rules on advanced computers/supercomputers (AC/S IFR) (PDF) and semiconductor manufacturing equipment (SME IFR) (PDF). We plan on filing one comment letter to address both rules.
On October 23, 2023, the Commerce Department began accepting full applications on a rolling basis for $39 billion in direct investments in US semiconductor firms, along with $75 billion earmarked for loans and loan guarantees allocated in the CHIPS and Science Act of 2022 (CHIPS Act). Commerce previously accepted optional pre-applications.
