{"id":12541,"date":"2023-11-11T09:51:47","date_gmt":"2023-11-11T09:51:47","guid":{"rendered":"https:\/\/infundpros.com\/markets\/biden-and-xi-are-meeting-what-to-expect\/"},"modified":"2023-11-11T09:51:48","modified_gmt":"2023-11-11T09:51:48","slug":"biden-and-xi-are-meeting-what-to-expect","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12541","title":{"rendered":"Biden and Xi Are Meeting. What to Expect."},"content":{"rendered":"
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Investors should expect general reassurances, at best, that neither the U.S. or China are courting conflict as President Joe Biden and Xi Jinping\u00a0seek\u00a0to stabilize a relationship that has taken new blows since the two\u00a0last met.<\/p>\n

A meeting expected Wednesday in San Francisco would be the first in a year, culminating months of efforts by Biden administration officials to stabilize the relationship between two hypercompetitive rivals. Since the pair last met, in November 2022, ties have been strained by Chinese spy-balloon flights over the U.S., increased tension over Taiwan, anti-espionage rules imposed by Beijing, and Washington further restricting China\u2019s access to advanced technology.<\/p>\n

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The best outcome for investors is if the two leaders manage to get back to where they were a year ago, with commitments to reopen dialogue to avoid conflict as their rivalry intensifies and wars in the Middle East and Ukraine create new challenges. But analysts see little else from the meeting to change investors\u2019 view that this relationship is in a new stage of increased friction.<\/p>\n

Analysts have been worried about the dearth of open channels of dialogue to de-escalate any potential accidents that could come increased military activity in the South China Sea. China cut off military exchanges after last year\u2019s visit by former House Speaker Nancy Pelosi to Taiwan, the island democracy China claims as its own.<\/p>\n

\u201cThe biggest positive would be any indication that military to military engagement is resuming,\u201d says Clayton Allen, who covers politics and policy in Washington for Eurasia Group. \u201cThat has been one void in the U.S.-China relationship.\u201d <\/p>\n

There have been modestly positive signals. Ahead of the Biden-Xi meeting, Treasury Secretary Janet Yellen met with Chinese Vice Premier Li Hefeng. The two agreed to intensify communications and emphasized that the two economies weren\u2019t seeking to decouple, agreeing to work together to ensure economic growth and financial stability, tackling climate change and debt issues in low-income economies.<\/p>\n

According to the readout of the meeting, Yellen raised concern about China\u2019s recent export controls on graphite and other critical minerals, stressed that Chinese companies shouldn\u2019t provide support for Russia\u2019s defense industry, and emphasized that the U.S. is taking a narrow and transparent approach as it looks at restrictions on China related to national-security concerns. <\/p>\n

But beyond that, analysts see little to boost market sentiment, much less offer relief to companies trying to navigate the increasingly contentious relationship.<\/p>\n

\u201cMarket moving events like tariff hikes or cuts shouldn\u2019t be expected at this time, and tariff hikes are just as likely as tariff rate reductions given the lack of efforts to engage the U.S. is seeing from China,\u201d says Henrietta Treyz, director of economic research at Veda Partners, a political consultancy. \u201cThat\u2019s going to be true in 2025 under either President Biden or President Trump.\u201d<\/p>\n

The Biden administration\u2019s commitment to human rights, efforts to limit climate change and bolster domestic manufacturing and jobs will be reflected in negotiations on the trade front, Treyz says. She adds that U.S. Trade Rep. Katherine Tai is unwilling to cater to the \u201cimpression of progress\u201d such as vows from China to buy more U.S. agriculture products as it did during the Trump administration.<\/p>\n

Without real progress on climate, steel dumping, human rights, and other issues, Treyz doesn\u2019t see much movement on the tariffs that were imposed initially by the Trump administration on some $370 billion of Chinese exports. The tariff burden has grown since then, in part because the Biden administration isn\u2019t offering licenses and carve-outs for industries that were more common under Trump, Treyz says.<\/p>\n

Still, there could be news that affects specific industries. Beacon Research\u2019s Owen Tedford said he would be looking for signals on where the administration is headed next. Beyond tariff review, areas to watch include the prospect of renewed scrutiny of TikTok, the short-video app own by China\u2019s ByteDance, as the 2024 election approaches; possible restrictions on lidar, a technology critical to self-driving cars; and additional limits on semiconductor technology.<\/p>\n

Xi will meet with U.S. business leaders during his visit to San Francisco, Bloomberg reported. That would come as U.S. companies are reassessing their exposure to China in light of its slowing growth, increased state intervention in the economy, and revised anti-espionage rules that have raised concern about detentions among foreign executives.<\/p>\n

Given all that, companies and investors are on edge, worried about getting caught in the middle. It\u2019s no wonder.<\/p>\n

Even the three pandas at the Smithsonian Institution\u2019s National Zoo in Washington, D.C., have been affected by the deteriorating relationship. On Thursday, the pandas were shipped via
\n FedEx
\n back to China, pausing 50 years of panda diplomacy.<\/p>\n

Write to Reshma Kapadia at reshma.kapadia@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors should expect general reassurances, at best, that neither the U.S. or China are courting conflict as President Joe Biden and Xi…<\/p>\n","protected":false},"author":1,"featured_media":12542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-12541","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nBiden and Xi Are Meeting. 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