Analysts interviewed by CNBC gave the United States and China a chance to reconcile in the trade war that has been going on since 2017 at the initiative of the current American president Donald Trump .
Economists pin their hopes on a possible new finance minister Janet Yellen , who Joe Biden will nominate for this post if he wins the presidential election. To be approved in office for the candidacy of the former head of Federal Reserve System (FRS) Congress must vote.
Former leading White House trade mediator Clelet Willems considers Yellen to be much more moderate in relations with China than most members of the current Trump administration. The assumption that she will try to build a dialogue with Beijing is also supported by the fact that the former head of the Fed has always advocated open trade and was considered an opponent of artificial barriers and duties.
Yellen herself has repeatedly expressed concern that the United States under Trump is pursuing a policy of isolation, including economic, and violating the system of international financial and trade relations that they have established.
At the same time, Yellen admitted that the United States has “questions to China and, possibly, to Europe”, but they need to be solved within the framework of established rules with the involvement of international institutions, such as World Trade Organization (WTO).
The main reasons for the start of the trade war at the end of 2017 were the large trade deficit in bilateral relations between the United States and China (which Trump was unhappy with), as well as Washington’s claims to Beijing regarding violations of intellectual property rights.