U.S. and China Agree to Cut Tariffs, but Vie for Trade Blocs

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from The New York Times,

China and the United States vividly displayed on Tuesday why they are both rivals and partners atop the global economy, announcing an agreement to reduce tariffs for technology products even as they promoted competing free-trade blocs for the Asian region.

The maneuvering came during a conference of Pacific Rim economies in Beijing that has showcased China’s growing dominance in Asia. It has also shown the determination of the United States, riding a resurgent economy, to reclaim its historic role as a Pacific power.

On Tuesday evening, President Xi Jinping of China invited President Obama to dinner at his official residence, telling his guest that he hoped that they had laid the foundation for a collaborative relationship — or, as he more metaphorically put it, “A pool begins with many drops of water.”

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