China, U.S. Agree Not to Introduce New Trade Protection Measures

(RTT News)

Laying the groundwork for U.S. President Barack Obama’s first visit to China next month, both the countries Thursday agreed not to introduce any new trade protection measures against each other. This was decided at a meeting of the U.S.-China Joint Commission on Commerce and Trade (JCCT) held in the eastern Chinese city of Hangzhou.

Both sides also vowed to oppose trade and investment protectionism and follow the related consensus of the G20 summit.

U.S. Commerce Secretary Gary Locke, leading the American delegation, said it was “critical” to demonstrate that the two countries could work together despite simmering trade disputes in many areas, claims of protectionism and a wide U.S. trade deficit with China. The U.S. trade deficit with China is the widest it has with any country, totaling $143.7 billion in the first eight months of this year – down 15.1% from the corresponding period last year. Read more here.