US, China Fail to Agree on Trade
Casting suspicion over the President Donald Trump’s economic and security relations with Beijing. China and the United States unsuccessful in agreeing on the main new step to reduce the U.S. trade deficit with China on Wednesday.
There is no new joint statement and now new announcements on the U.S. market access to China as the annual economic dialogue session in Washington ended with canceled news conferences.
Both the sides had a “frank exchange” but still not successful in agreeing on the most major bilateral trade and economic issues that were important to the United States. A senior U.S. official said on the condition of secrecy because he was not permitted to speak publically.
The official said these included demands for access to the China’s financial services markets, reductions in auto tariffs, reducing excess Chinese steel capacity, cutting subsidies for state-owned enterprises, ending Chinese requirements for data localization, and lifting ownership caps for foreign firms in China.
U.S. Treasury Secretary Steven Mnuchin and U.S. Commerce Secretary Wilbur Ross said in a statement: “China acknowledge our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve.”
The leaders of both the countries launched a 100-day economic plan but no new initiatives have been taken.
It is said by the Ross and Mnuchin on the U.S. position on the China trade association would be directed by “the principles of balance, fairness, and reciprocity on matters of trade will continue to guide the American position so we can give American workers and businesses an opportunity to compete on a level playing field.”
The delegation leader of the China, Vice Premier Wang Yang left the Treasury building without talking to the reporters. And in Washington, the Chinese embassy failed to comment on the talks. The conflict between the two countries would be damaging warned earlier by Wang.
CEO of the Blackstone Group Stephen Schwarzman and CEO of the Alibaba Group Jack Ma said in a statement: “A stable, growing economic relationship between the United States and China is mutually beneficial to the people of our two countries and for the world.”