Hong Kong's historic Western Market slated for renovation
A view of the interior of Western Market. Photo: Sam Tsang
A view of the interior of Western Market. Photo: Sam Tsang
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While the US-China talks in London earlier this month suggested Beijing had the negotiating edge over Washington's other major trading partners, observers warn that China may need to temper expectations of a restoration of senior-level exchanges. Advertisement US President Donald Trump's competing priorities – both domestically and internationally – could distract his administration from the pressing need to establish a lasting agreement on US-China trade relations, they said. But while the Trump administration remains in the early stages of formulating its China policy, Beijing should advance a leader-driven process to stabilise bilateral ties, laying the groundwork for a trade agreement ahead of a potential summit. Sourabh Gupta, a senior policy specialist with the Institute for China-America Studies in Washington, said the framework reached in London was 'a genuine de-escalation of trade tensions'. 'At least, that's how the two sides envision it,' he said, noting that the framework essentially marked a return to last month's Geneva agreement, with both parties having 'a vested interest in getting to 'yes' on a trade deal'. Advertisement According to Gupta, the outcome of the talks – alongside the first call between Chinese President Xi Jinping and Trump since the latter started his second term – has placed China as a 'front-runner' in Washington's negotiations with major trading partners. While the London framework represents a temporary truce rather than a comprehensive deal, no other US trading partner has secured a comparable agreement, despite parallel negotiations with the European Union, Japan, South Korea, Canada, India and others.
