The US proposes establishing a Trade Council with China to rebalance the economy.

The Trump administration is proposing a new, more formal approach to monitoring and regulating trade between the U.S. and China, with the aim of rebalancing the economic relationship.

According to The New York Times, the Trump administration is proposing a new, more formal approach to overseeing and regulating trade between the U.S. and China, aiming to rebalance the economic relationship that U.S. officials have long argued is unequal.

Following a meeting with Chinese counterparts in Paris on March 16, the two sides discussed the establishment of a “US-China Trade Council” as part of the upcoming meeting between President Donald Trump and Chinese President Xi Jinping.

U.S. Trade Representative Jamieson Greer said this approach would be a way to formalize and define “what kinds of goods the U.S. should import from China, and what kinds of goods the U.S. should export to China, to really ensure that both sides can focus on areas of mutual benefit.”

Mr. Greer and Treasury Secretary Scott Bessent held talks with their Chinese counterparts on March 15-16 in Paris to prepare for that meeting. In recent days, Mr. Trump and his advisers have suggested that the trip might be postponed because the president is preoccupied with the US conflict in Iran.

American and Chinese advisers are still preparing for a meeting between the two leaders, although some have criticized the lack of preparation on the part of the U.S.

According to Wendy Cutler, senior vice president of the Asia Society Policy Institute, in meetings in Paris, US and Chinese officials appeared to have made progress in agreeing on commitments for China to purchase more agricultural products, energy, and aircraft from the US. Cutler, a former US trade negotiator, suggested that the Trade Council could focus on identifying opportunities to expand trade in less sensitive product categories, and might even discuss reducing tariffs on those items.

Meanwhile, Chad Bown, an analyst at the Peterson Institute for International Economics and a former official in former President Joe Biden’s administration, argues that while the U.S. might be able to persuade Chinese state-owned companies to buy more American soybeans, oil, or aircraft, convincing Chinese consumers to buy manufactured goods like automobiles, which the U.S. is eager to sell, is proving very difficult.

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