U.S. Lawmakers Plan Trip to China Amid Trade Talks Impasse
(Bloomberg) -- U.S. and Chinese trade negotiators are planning to meet next in September but in the meantime a group of U.S. lawmakers will travel to Beijing in a push to expand links between the world's two largest economies.
The group includes Democratic Representative Alan Lowenthal of a California district that's centered in Long Beach, whose port -- together with the twin Port of Los Angeles -- are a major U.S. gateway for the Asian market.
“On this trip I want to be an advocate for American trade and interests,” said Lowenthal in an emailed statement, adding the tensions over trade were hurting U.S. businesses. “We see it at the Port of Long Beach.”
The ports of Los Angeles and Long Beach, which moved almost half of Asian imports last year, have been hard hit by the U.S.-China dispute. Exports to China moving through the port complex declined 35%, and imports dropped 11.5% in the first quarter of this year from the same period of 2018.
Economy, Constituents
Lowenthal said he wanted to understand what is at the core of the current economic issues. The House lawmaker, who represents some of the largest Cambodian and Vietnamese communities in the U.S., said he also wants to learn how China's Belt and Road initiatives are impacting the Southeast Asian nations that many of his constituents have a connection to.
Foreign direct investment flows between the U.S. and China dropped almost 60% in 2018 as the trade war kicked off, according to a Rhodium Group report.
The U.S. and China wrapped-up a round of trade talks Wednesday, but there was little evidence of progress. The two sides have agreed to hold the next round of talks in early September in Washington.
Co-hosting the trip are the U.S.-Asia Institute, a Washington, D.C.-based non-governmental organization focused on improving bilateral relations, and the Chinese People's Institute of Foreign Affairs, according to Chris Fenton, trustee at the U.S. NGO. This month's tour will also include at least two other lawmakers.
The main objective of the 10-day visit will be “to listen, learn, interact, and continue constructive bilateral dialogue,” said Fenton, with the focus on trade, investment, tourism and infrastructure.
To contact the reporter on this story: Anousha Sakoui in los angeles at asakoui@bloomberg.net
To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Robert Jameson, Sarah McGregor
©2019 Bloomberg L.P.
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.