U.S. business groups encouraged by potential for trade deal with China
U.S. business groups say they are encouraged by China's approval of a new law that loosens restrictions on foreign investment and said it could help smooth the way to a working trade agreement between the two countries. China's legislature passed a measure that would prevent Chinese officials from forcing U.S. and other foreign companies to turn over proprietary technology, a key issue in the current tug of war between the two countries.
The U.S. has imposed tariffs on $250 billion worth of Chinese goods in an effort to force changes to a range of China's economic policies. China has retaliated by putting duties on most U.S. imports. "It's one of those confidence building measures," Erin Ennis, senior vice-president of the U.S.-China Business Council, said of the move by Chinese legislators. It suggests "the two sides are talking the same language."
