China, US reach agreements on some economic and trade issues

04 May, 2018, 14:24 | Author: Angel Logan
  • As US and Chinese Teams Meet on Trade, One Side Has an Edge in Expertise

The two sides exchanged views on a range of issues, including expanding US exports to China, bilateral services trade and investment, protection of intellectual property rights, and tariff and nontariff measures, the official Xinhua News Agency reported Friday.

Several global media outlets reported Friday that Washington had urged China to cut its trade suplus with the United States immediately and to stop subsidising advanced technology.

They are expected to cover a wide range of USA complaints about China's trade practices, from forced technology transfers to state subsidies for technology development. Mnuchin commented as he left the hotel this morning. He made no other remarks.

The two governments reached agreements in some areas, including increasing exports from the United States to China, Xinhua said, but it didn't give any details.

The US Embassy in Beijing said the delegation planned to meet Chinese officials on both days, in addition to US Ambassador Terry Branstad, before leaving on Friday evening.

The official China Daily said in an editorial China would "stand up to the US' bullying as necessary". "It is already in the process of opening them wider", the English-language newspaper said.

However, the USA side may be able to convince China the United States has fundamentally shifted tack on trade relations.

"The idea is how do we readjust the interface with China to protect America, American innovation and American companies".

For some observers, the diverse make-up of the U.S. delegation - reflecting different opinions about China - could undermine Washington's stance during the talks.

Trump sent a delegation of his top economic advisers to Beijing for the talks, including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

Mnuchin and new White House economic adviser Larry Kudlow are seen as likely to favor a package that keeps financial markets on an even keel and doesn't interfere with strong economic growth.

Throughout his 2016 election campaign, Trump routinely threatened to impose a 45 percent across-the-board tariff on Chinese goods as a way to level the playing field for American workers.

Trump is seeking to cut the American trade deficit with China - totaling $375 billion (€313 billion) past year - by $100 billion and gain concessions over policies that force foreign companies to share technology with Chinese partners.

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