China`s monetary policy has been another hot topic, with China deliberately undervaluing its currency for many years. However, China has moved towards a more market-based exchange rate, but China`s monetary policy is still closely watched. Other issues affecting bilateral trade flows are China`s industrial policy, which favours state-owned enterprises, differences of opinion on China`s WTO obligations, and the lack of protection of U.S. intellectual property rights. The Reagan administration gave Taiwan the “six assurances,” including a commitment that it would abide by Taiwan`s Relations Law, that it would not mediate between Taiwan and China, and that it did not have a set date to end arms sales to Taiwan. In August 1982, the Reagan administration signed a third joint communiqué with the People`s Republic of China on the normalization of relations. It reaffirms the United States` commitment to its one-China policy. Although Ronald Reagan supported stronger relations with Taiwan during his presidential campaign, his government was working to improve relations between Beijing and Washington at the height of U.S. concern over Soviet expansionism. President Reagan visited China in April 1984 and in June the U.S.
government authorized Beijing to purchase U.S. military equipment. President Donald Trump has claimed the success of his trade war with China with his January 2020 Phase One trade deal. In its self-proclaimed “historic” deal, China pledged to buy $200 billion in additional goods and services from U.S. industry in 2020 and 2021. Trump even boasted that the deal “could be closer to $300 billion once done.” An August 2019 Harvard CAPS/Harris poll found that 67 percent of registered voters wanted the U.S. to confront Beijing because of its trade policy, while 74 percent said U.S. consumers bear the bulk of the tariff burden. Mark Penn, the co-director of Harvard`s CAPS/Harris Poll, said the poll showed strong U.S. public support for Trump`s trade policy against China, and said, “You realize that tariffs can have a negative impact on jobs and prices, but they think the fight is the right one.”  United States. .