AmCham-China

Former Deputy USTR Speaks on US-China Trade Relations

More than 40 members gathered at the China World Hotel for breakfast with Ambassador John Veroneau, former Deputy US Trade Representative and current partner at Covington & Burling LLP. Ambassador Veroneau spoke about his experiences enacting US trade law and providing assistance to US companies faced with trade barriers, and discussed the current need for global cooperation in order to streamline the world’s regulatory architecture.

The US and China are at the forefront of such cooperation as both countries seek to stimulate their economies, correct unsustainable savings imbalances, and get the global economy back on track, said Veroneau. He added that these bilateral efforts will have a tremendous coercive effect on the rest of the world because most countries do not have the capacity or expertise to create stimulative economic policy. Ambassador Veroneau went on to emphasize the usefulness of “mini-lateralism” in allowing the two countries to move quickly towards better global governance and rebalancing. In addition, Veroneau emphasized that while multilateral organizations must still oversee international trade regulation, the US and China together have the unique ability to influence such proceedings.

After taking questions from members, Ambassador Veroneau ended his talk by highlighting the role of technological innovation and the rule of law in promoting dramatic growth and global economic freedom.