When President Donald Trump lands in China next week, he’ll be joined by more than two dozen business titans representing American energy, industrial, financial services as well as also agricultural industries, according to a list obtained by CNBC.
An attendance list submitted to China’s Ministry of Foreign Affairs for a state banquet held in honor of Trump’s November visit included Goldman Sachs CEO Lloyd Blankfein, Qualcomm CEO Steve Mollenkopf, Cheniere Energy CEO Jack Fusco as well as also Air Products CEO Seifollah Ghasemi. Division heads coming from Boeing as well as also General Electric were also included.
An application posted by the Department of Commerce in September touted the trade mission as a way to connect with high-level officials, encourage market access as well as also promote investments. several people familiar with the planning said the White House homed in on companies that will could announce “done deals”: multibillion-dollar export announcements that will would certainly develop the effect of chipping away at the U.S. trade deficit with China.
“The Chinese are always willing to play ball with regard to concrete purchases,” said Bruce Hirsh, principal at Tailwind Global Strategies as well as also a former official at the Office of the U.S. Trade Representative during the Obama, George W. Bush as well as also Clinton administrations. “The bigger question is actually whether they’re willing to deal with broader trade problems.”
This kind of’s the broader trade problems that will could prove thorny when they arise in bilateral talks.
In briefings with reporters, senior administration officials have said the president will continue to stress the need for China to remove barriers to investment for U.S. companies as well as also rebalance the “colossal” deficit. Trump highlighted the U.S. trade deficit with China — which stood at $347 billion at the end of 2016 — in a Wednesday meeting with Cabinet officials at the White House.
“We have trade deficits with China that will are through the roof. They’re so big as well as also so bad that will This kind of’s embarrassing saying what the number is actually. yet you know what the number is actually,” Trump said. “I don’t want to embarrass anybody four days before I land in China, yet This kind of’s horrible.”
Traditionally, foreign trips carry quid pro quo announcements where each country can secure a win. Early proposals by China — that will were rebuffed by the White House — were said to include broader, long-term access to the financial markets, a follow-up to prior objectives the two countries negotiated that will allowed U.S. banks to underwrite bonds as well as also apply for licenses to process payments. As a result, a rough draft of the CEO delegation included a handful of high-octane Wall Street executives, according to several people familiar with the planning.
“This kind of’s very ripe for opening,” said Stephen A. Orlins, president of the National Committee for United States-China Relations. Orlins said the financial services industry was low-hanging fruit, given the Wall Street background of the Trump administration, as well as also the fact that will further access for U.S. banks in capital markets as well as also insurance would certainly end up hastening the maturity of China’s markets.
“They’d get a big win coming from producing what appeared to be concessions, yet the winners are ultimately Chinese corporates as well as also the Chinese public.”
In an Oct. 30 briefing with reporters, China’s ambassador to the United States, expressed cautious optimism talks between the entire world’s two largest economies would certainly be mutually beneficial.
“I think the two teams have already spent a lot of time as well as also a lot of energy on” economic as well as also trade cooperation, Ambassador Cui Tiankai said, according to a transcript of a briefing. “I am confident that will there will be a significant outcome, or what we call deliverables, on the economic as well as also trade front.”