China Trade Talks Continue Next Week in DC

China Trade Talks Continue Next Week in DC

China's top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday.

China's April imports jumped 21.5%and its exports grew 12.9% against the prior year-ago period.

Highlighting the challenge of significantly reducing that gap any time soon, China's trade surplus with the U.S. widened to US$22.19 billion last month, from US$15.43 billion in March, according to Reuters calculations based on customs data released yesterday.

The world's two largest economies have threatened each other with tariffs on tens of billions of dollars' worth of exports, leading to worries that Washington and Beijing might plunge into a full-scale trade war that could damage global growth and roil financial markets.

The US delegation demanded that China curb the two nations' trade deficit by at least 200 billion dollars by the end of 2020 from 2018 levels, as well as lower tariffs and eliminate subsidies for high tech.

China is now embroiled in a months-long brawl with the USA over trade. "The President has a great relationship with (Chinese) President Xi (Jinping), and we are working on something that we think will be great for everybody", Sanders said.

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Overall, China's April trade balance was a positive $28.78 billion, topping predictions of $24.7 billion. Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, Assistant to the President for Economic Policy Larry Kudlow, and Assistant to the President for Trade and Manufacturing Policy Peter Navarro were all on the trip.

Chinese private enterprises played a bigger role in trade by contributing 38.6 percent to total trade, up 1.2 percentage points compared with the same period a year ago.

"We think it shows the USA side's willingness to reach a consensus with China on economic and trade issues", China's ministry of foreign affairs spokesperson Geng Shuang said at a news briefing.

Steven Mnuchin, US Treasury Secretary, was unsuccessful in resolving the trade and tariff conflict stemming from President Donald Trump's threat to mandate tariffs totaling as much as $150 billion on Chinese goods imported into the US. The high-level meetings are "constructive moves in the right direction" to resolve the tensions, she said.

Trump doubled down, threatening $100 billion in tariffs on Chinese imports to the U.S.

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