BBCI: US and China emerge from trade talks without agreement

21 July, 2017, 00:57 | Author: Chad Mckenzie
  • An employee looks on from behind coils of steel at the Arcelor Mittal Steel's hot dip galvanizing line in Cuyahoga Heights Ohio Friday Feb. 15 2013

-China Comprehensive Economic Dialogue, U.S. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross offered few details of the talks.

U.S. -China trade talks ended late Wednesday in Washington with the cancellation of a joint press conference amid speculation that the two sides are growing further apart on issues such as market access, tariff reductions and caps on foreign ownership of Chinese companies.

Negotiators involved in the first U.S.

At Mar-a-Lago, the two sides established a four-track comprehensive dialogue mechanism and agreed to work on a 100-day action plan, which was due on July 16.

Chinese Vice-Finance Minister Zhu Guangyao said a major task for the CED was reviewing the progress on the consensus reached by President Xi Jinping and US President Donald Trump when they met in Florida in early April. While the administration is still carrying out an investigation into the subject, past statements suggest they believe China's overproduction is putting the US steel industry out of business and therefore compromising national security.

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Both sides will further expand cooperation in the service and manufacturing sectors, as well as increase trade in services and high-tech products. "But no country would agree to completely open its domestic market in those key sectors as it could become a national security threat", Jin said. No details were mentioned.

The People's Daily op-ed outlined the political chaos that is prevailing in the USA and dubbed it a failed system.

U.S. rules restrict export of certain high-tech goods to China and other countries when there is a potential for military uses as well as commercial applications.

The US and China have wrapped up contentious trade talks in Washington without agreement.

The Trump administration is hoping to announce progress Wednesday with the Chinese in negotiating access for American companies in a range of industries, including in financial services and agriculture.

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The US blames Chinese excess capacity for a global steel glut that is hurting US producers, and has threatened to impose tariffs.

The United States unsuccessfully pressed China to make a substantial commitment to cut its steel production, according to people with knowledge of the matter, who spoke on condition of anonymity to discuss private discussions. The posture reflected Trump's placing of greater weight on U.S.

The U.S.is considering tougher steel tariffs on Chinese steel exports, which have been dragging down steel prices globally and hurting other competitors, and in the wake of this largely unsuccessful meeting, the U.S. may pursue a even harsher policies to protect U.S. interests at home and overseas.

And Trump is criticizing China again for failing to use its economic leverage to rein in its neighbor and ally, the nuclear rogue state North Korea.

Despite recent tensions over North Korea, US arms sales to Taiwan and the South China Sea, Beijing and Washington share substantial mutual economic interests.

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