Chinese and U.S. bosses urge resolution to trade row

Chinese and U.S. bosses urge resolution to trade row

The US has been running a massive trade deficit with China, which reached US$347 billion (S$475 billion) last year, and President Donald Trump had threatened to impose huge tariffs on Chinese goods and label China a currency manipulator, during his election campaign last year.

Treasury Secretary Steven Mnuchin said the talks with the Chinese delegation, led by Vice-Premier Wang Yang, would focus on concrete steps to provide greater access and a "level playing field" for U.S. companies to the world's second-largest market. Soon after the speeches were done, an email was received by the media indicating that the USA officials had canceled their day-end press conference.

"China Comprehensive Economic Dialogue" talks comes at the end of a 100-day effort to craft an economic plan aimed at reducing the USA goods trade deficit with China.

However, the two sides avoided issuing any statements on the contentious issue of steel tariffs at the talks. Personally, I think the main reason is that the asking price from the American side was too high. But only 4 percent of China's integrated circuit imports came from the US.

Both China and the United States agreed that the dialogue has served the goal of deepening mutual understanding, building mutual trust and expanding consensus, and laid a solid foundation for long-term and stable cooperation between the two countries, said the statement.

In May, the USA and China reached a trade deal that opens China's market to United States credit rating agencies and credit card companies. The United States also lifted restrictions on exporting liquefied natural gas (LNG) to China, which could help boost American exports.

Following his meeting with Xi in April, Trump said he had "great chemistry" with the Chinese leader and shifted toward conciliation with China.

Notorious 86-year-old jewel thief Doris Payne arrested again - at Walmart
During that process, police say Payne was wearing an electronic ankle monitor placed on her by the DeKalb County Probation Office. According to WSBTV police were called in to the store at around 5 p.m. after receiving a report about a woman shoplifting.

Steve Tsang, director of the SOAS China Institute, said US-China relations were at "an unusual stage" because Trump was still short of staff to deal with China and had yet to figure out a clear China policy. For America, it is a risky task to address the problem caused by overproduction of steel. "As a practical matter, we have much more to lose than we have to gain", he says.

In breaking down China's trade surplus with the United States, China has a surplus in the trade of goods with the United States, while sees a deficit in terms of the services trade, said Zhu.

At the same time, United States exports of services to China expanded to $53.5 billion in 2016, up 10.5 percent from 2015, and 406 percent greater than 2006 levels. Since then, efforts to fill in a bilateral trade deficit of about US$340 billion (NZ$462b) through negotiations have produced minimal results.

It is also unclear whether the USA did push Beijing on its subsidies for state-owned enterprises. "But the Chinese scholar suggested Chinese authorities could view foreign companies' dominance in those industries as a national security threat". US officials also asked China to do more to reduce its trade surplus with the United States and open its market for agriculture, financial services and data flows, the people said.

That in turn "will create prosperity for our two countries and the world", he said.

"It's not that we're going to make things worse in China".

"Most of those complaints are artificial".

Related Articles