Nov 16, 2017

Trump's gains for U.S. businesses in China

U.S. President Donald Trump and Chinese President Xi Jinping arrive for a state dinner at the Great Hall of the People on November 9, 2017, in Beijing. Photo: Andrew Harnik / AP

President Trump's trip to China exemplifies what I call his "head of state" diplomacy: prioritizing personal relationships with his foreign counterparts.

Trump's style has been criticized, but it is starting to yield real results for U.S. business interests. The administration's announcement of $253 billion in trade deals marks a new record for a China trip and will make a significant dent in the trade deficit, which is running at $273 billion for the first nine months of 2017.

Yet it is market access for our most competitive industries that will ultimately restore balance to the relationship, and President Xi has started to make concessions. Restrictions on foreign investment are being phased out or lifted on banks, brokerages and asset-management companies. China also removed the requirement that foreign firms transfer their sensitive technologies before being approved for investing or partnering in China, which has been a hurdle for American companies, especially in the auto industry.

Why it matters: Over time, these policies will further integrate China into the international financial system and create greater opportunities for foreign firms to operate in the world's fastest-growing major economy.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 679,977 — Total deaths: 31,734 — Total recoveries: 145,625.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 8 a.m. ET: 124,686 — Total deaths: 2,191 — Total recoveries: 2,612.
  3. Federal government latest: Trump announces new travel advisories for New York, New Jersey and Connecticut, but rules out quarantine enforcement. Per CDC, those residents should "refrain from non-essential domestic travel for 14 days," with the exception of critical infrastructure industry workers.
  4. State updates: Alaska issues a stay-at-home order — New York tries to nearly triple hospital capacity in less than a month and moved presidential primary to June 23. Some Midwestern swing voters who backed Trump's initial handling of the virus balk at call for U.S. to be "opened up" by Easter.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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