The European Union and the U.S. working together have the leverage to change China's distortions in the world economy, experts speaking during a three-day series on EU-U.S. trade issues said. But it's not easy, with the economic interests of German manufacturers in China, the history of trade tensions across the Atlantic, and bureaucratic torpor on both sides, they said.

Current geopolitical issues, deteriorating relations and COVID-19 are making it “impossible” to continue relying on China, especially for small and medium-sized enterprises, a new report from the Australian Chamber of Commerce and Industry detailed. The group surveyed 189 Australian exporters and businesses, finding the difficulties with Chinese trade especially pronounced for small wine exporters. The problems stemming from the raising of tariff and non-tariff barriers by the Chinese government has made customer relationships incredibly difficult and “resulted in a complete cessation of trade.”

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Sen. Mitt Romney, R-Utah, says there is the potential for a bipartisan consensus on a strategy to compete with China. Romney, who was speaking at a U.S. Chamber of Commerce program May 19, said the two parties are more united than they were two years ago, as they recognize China's threat to liberal democracies. He said that "China’s rise is the result really of their economic resources, and those are resources that are built in part through predatory practices, particularly subsidized or predatory pricing which allows them to put western businesses out of business...."

A former U.S. trade representative and a former deputy national security adviser agree that companies that do business in China are stuck between a rock and a hard place, as they will anger China if they disavow abuses in Xinjiang or Hong Kong, but could break U.S. law if they make clothes with Xinjiang cotton.

A group of Republican senators urged U.S. businesses to continue to stay out of the Iranian market even if the U.S. reenters the Iranian nuclear deal, saying any sanctions relief will be short-lived. The lawmakers said that relief will be “severely limited” if Republicans win back majorities in the House and Senate and if the U.S. elects a Republican president in 2024. They also criticized the Biden administration’s plan to reenter the deal, calling the Joint Comprehensive Plan of Action a “deeply flawed” agreement.

European professors speaking about the future of the trans-Atlantic trade relationship said that while it's logical for democratic, rule-of-law countries to coordinate trade policy against an authoritarian rival, that's easier said than done.

The U.S.-Bangladesh Business Council aims to increase trade between the two countries, as Bangladesh is expected to graduate from the least-developed countries list by 2026. The U.S. is the largest importer of Bangladeshi products, and imported not quite $7 billion in 2019, according to the Office of the U.S. Trade Representative. A launch program hosted by the U.S. Chamber of Commerce said that Bangladesh imported more than $1 billion in American agricultural products.

Boeing this week urged the U.S. to separate trade disputes and human rights issues when dealing with China, saying more trade restrictions could cause the plane maker to cede Chinese market share to European competitors. “We cannot afford to be locked out of that market,” CEO Dave Calhoun told the U.S. Chamber of Commerce Aviation Summit March 31, Reuters reported. “Our competitor will jump right in.”

Japan Customs added two customs authorities to its list of authorized entities capable of approving preferential tariff treatment under the nation's Generalized System of Preferences for Afghanistan and North Macedonia, the agency announced in a March 30 notice. Now the Afghanistan Chamber of Commerce and Investment will be able to approve claims in the Central Asian nation (listed as Islamic Republic of Afghanistan), and the Economic Chamber of North Macedonia will do the same in that Eastern European country.