After a brief period of peace with the signing of the trade agreement in January, US-China relations have significantly deteriorated in recent months. The Covid-19 pandemic has exacerbated tensions in the fierce competition between the two largest economies in the world.
Bloomberg Listed 5 areas that are considered “hot spots” in the current US-China confrontation.
The signing of an economic-trade agreement in January is expected to be a new beginning for US-China relations, when US President Donald Trump declared that “relations with China have never been good.” so beautiful ”. To enforce the deal, China agreed to lift barriers to a range of agricultural imports from the United States, including beef and poultry, to continue opening up its financial sector and issuing guidance on financial protection. intellectual property.
At the heart of the deal is China’s commitment to buying more goods and services from the United States. However, before the outbreak of Covid-19, analysts were skeptical about whether these goals would come true.
Now, as both Chinese demand and U.S. production and transport capacity decline due to the epidemic, along with falling energy and other commodity prices, Beijing’s previous commitments This seems to be even harder to achieve. China is said to be far from being able to achieve its goals by 2020.
Kevin Hassett, an assistant to President Donald Trump, told CNBC that although China seemed to adhere to a trade deal with the US prior to the Covid-19 epidemic, the disease had restarted relations with the US and “Escalating tensions with China”. If these tensions continue to rise, failing to reach terms could cause the deal to collapse.
Taiwan, Hong Kong
The long-standing conflict between the US and China over the issue of Taiwan has increased in recent weeks. The two sides debated whether Taiwan could join the World Health Organization (WHO) meeting, as well as US Secretary of State Mike Pompeo congratulated the Taiwanese leader in English and English when she took office. 2nd term.
So far, China has always considered Taiwan as an inseparable territory and requires countries, including the US, to respect the “One China” principle.
China’s Defense Minister this week criticized the US Secretary of State’s action as “wrong and dangerous” and said the Chinese military would “take all necessary measures to firmly defend”. sovereignty of Beijing. China’s Foreign Ministry has also threatened to retaliate against Washington.
Meanwhile, opposition lawmakers in Hong Kong warned the status of the region’s international financial center could be in jeopardy after China announced plans to apply a new national security law in Hong Kong. . The Chinese National Assembly has confirmed the plan to pass this bill to establish “enforcement mechanisms to ensure national security” for Hong Kong.
Follow AFP, Secretary of State Mike Pompeo earlier this month announced that the State Department had postponed a congressional report on whether Hong Kong would enjoy full autonomy from China to continue receiving special treatment from the United States. . Trade privileges have long helped Hong Kong consolidate its position as a global financial center.
Hong Kong is facing an uncertain summer when protests erupt again to protest the growing influence of mainland China on the special administrative region.
In recent years, the US government has repeatedly imposed sanctions on Chinese technology companies such as Huawei and ZTE for violating US sanctions. Washington blacklisted these companies and accused them of a threat to US security.
In the latest move, the Commerce Department last week demanded that any foreign chip manufacturer using US technology must obtain a license before selling products to companies, including Huawei and public companies. China’s great technology.
In response, China’s Ministry of Commerce announced that it was against the new US regulation and would take all necessary measures to protect the rights and interests of Chinese companies.
For its part, Huawei also warned that the US move will impact the global semiconductor industry in the long run, leading to conflicts and damage between industries as well as the suspicion of the companies. foreign companies to the US government. Ultimately, this action is detrimental to US interests.
The United States and China have been making increasingly strong allegations against each other, regarding the handling of Covid-19. President Trump left the possibility of severing all ties with China on May 14 and announced that he did not want to talk to President Xi Jinping at this time. The US leader also sent a warning letter to the WHO, the Trump organization, accused of being too biased towards China.
President Trump’s remarks were part of a recent U.S. attack on China, including accusations of a virus escaping from a laboratory in Wuhan City.
Chinese diplomats and media have also stepped up the campaign to refute allegations that Beijing is responsible for covering up information about the global pandemic. China even raises questions about whether Wuhan is the site of the first recorded cases of the virus. Beijing even “backs up” Washington, claiming that the US military brought the virus to Wuhan.
Even if the bilateral trade deal guarantees US companies’ increased access to China, Washington is seeking to strengthen its control over financial and economic links between the two countries. An official revealed to Reuters earlier this month that the United States is stepping up efforts to reduce dependence on China’s supply chain.
This week, the US Senate passed a bill with overwhelming support that could ban Chinese companies from listing shares on the US stock exchange. The bill prohibits any company from listing stocks on US exchanges if they do not comply with US audit regulations for three consecutive years.
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