Region/Countries: Asia, China Industry: Multiple Sectors Date: March 2017

Why this is important to Wisconsin businesses: The summit in Florida opened a channel of communication between the leaders of the world's two largest economies.

Chinese President Xi Jinping met with U.S. President Donald Trump on April 6 and 7 in Florida. This very first face-to-face meeting between the presidents of the world’s two largest economies attracted great attention from all over the world.

There is much at stake in the relationship for both countries. President Trump had previously voiced concerns about the U.S. trade deficit and the loss of U.S. manufacturing jobs to China; President Xi also had concerns about political and trade disputes where the two countries don’t see eye to eye. The meeting laid the foundation for a cooperative relationship between the two countries.

In the meeting at Mar-a-Lago, both sides expressed key concerns on economic and political topics, and opened a channel for communication, consultation and coordination between the two countries in areas such as economic issues, diplomacy, national security, law enforcement, cybersecurity, and cultural and social issues.

Also at the meeting, the two leaders agreed on a “100-day plan” that aims to increase U.S. exports to China and thus reduce the trade deficit. Agreement on this plan is a sign of China’s commitment to its largest trading partner to work toward a more open, fair and competitive business environment with less government intervention and entry barriers. President Trump softened his tone regarding penalties for Chinese exporters and declaring China a currency manipulator.

The two leaders also discussed the issue of North Korea’s nuclear and missile testing. China reaffirmed its commitment and agreement with the U.S. on the denuclearization of the Korean peninsula, but no concrete solution emerged.

During the meeting, President Trump accepted President Xi’s invitation to visit China later this year to continue the dialogue and pursue further cooperation.