Published: Fri, May 04, 2018
Global Media | By Derrick Guzman

US Treasury Secretary Says Having Good Trade Talks in China

US Treasury Secretary Says Having Good Trade Talks in China

Chinese Vice Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee, held candid, efficient and constructive talks with the US delegation led by USA president's special envoy and Treasury Secretary Steven Mnuchin, on economic and trade issues of common concern. He made no other remarks.

Mnuchin, who is also the U.S. President's special envoy, is meeting with Chinese Vice Premier Liu He, a member of the Political Bureau of the Communist Party of China Central Committee, who is heading the Chinese side.

President Donald Trump has called for China to reduce its huge trade surplus with the United States by $100 billion, a demand experts say Beijing would find it hard to meet.


US President Donald Trump has threatened to levy new tariffs on US$150 billion of Chinese imports while Beijing shot back with a list of US$50 billion in targeted US goods.

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.

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.


In a research note, consulting firm Eurasia Group said: "The US delegation headed to Beijing is too large and unwieldly to accomplish much; it is a reflection of inter-agency rivalry on the US side and this will produce more posturing than actual negotiations with the Chinese". "Discussions and negotiations should be based on the basis of equality and mutual respect, and the outcome mutually beneficial and win-win", she said Thursday. The Trump administration says USA companies lose hundreds of billions of dollars annually to China's theft of trade secrets.

"The US wants greater access to China's market, but it should not use trade actions as a battering ram to force China to open its doors. It is already in the process of opening them wider", Xinhua, the English-language newspaper said.

"Navarro and Lighthizer are there to ensure that there isn't any incrementalism, that nobody gets taken in by an offer to drop a few tariffs or to open a few sectors that the Chinese were planning to open anyway", said Claire Reade, a Washington trade lawyer and former Assistant USTR for China affairs.


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