Saturday, May 26, 2018 | ePaper

US, China trade talks sputtering at 100 day deadline

  • Print


Xi Jinping and Donald Trump had agreed to a 100-day plan for trade talks earlier in April.

Reuters, Shanghai :
Bilateral talks aimed at reducing the US trade deficit with China have yielded some initial deals, but US firms say much more needs to be done as a deadline for a 100 day action plan expires on Sunday.
The negotiations, which began in April, have reopened China's market to US beef after 14 years and prompted Chinese pledges to buy US liquefied natural gas. American firms have also been given access to some parts of China's financial services sector.  
More details on the 100-day plan are expected to be announced in the coming week as senior US and Chinese officials gather in Washington for annual bilateral economic talks, rebranded this year as the 'US-China Comprehensive Economic Dialogue.'
"We hope to report further progress on the 100-day deliverables next week," a US Commerce Department spokesman said on Saturday. "That will be the basis for judging the extent of progress."
The spokesman declined to discuss potential areas for new agreements since a May 11 announcement on beef, chicken, financial services and LNG.
Earlier in April, when Chinese President Xi Jinping met US President Donald Trump for the first time at his Florida resort, Xi agreed to a 100-day plan for trade talks aimed at boosting US exports and trimming the US trade deficit with China.
The US goods trade deficit with China reached $347 billion last year. The gap in the first five months of 2017 widened about 5.3 percent from a year earlier, according to US Census Bureau data.
"It is an excellent momentum builder, but much more needs to be done for US - China commercial negotiations to be considered a success," said Jacob Parker, vice president of China operations at the US-China Business Council (USCBC) in Beijing.
There has been little sign of progress in soothing the biggest trade irritants, such as US demands that China cut excess capacity in steel and aluminium production, lack of access for US firms to China's services market, and US national security curbs on high-tech exports to China.
The Trump administration is considering broad tariffs or quotas on steel and aluminium on national security grounds, partly in response to what it views as a glut of Chinese production that is flooding international markets and driving down prices.
North Korea has cast a long shadow over the relationship, after Pyongyang tested what some experts have described as an intercontinental ballistic missile on July 4.
Trump has linked progress in trade to China's ability to rein in North Korea, which counts on Beijing as its chief friend and ally.
"Trade between China and North Korea grew almost 40 percent in the first quarter. So much for China working with us but we had to give it a try!" Trump said on Twitter after the North Korean missile test.
American beef is now available in Chinese shops for the first time since a 2003 US case of 'mad cow' disease, giving US ranchers access to a rapidly growing market worth around $2.6 billion last year.
More beef deals were signed during an overseas buying mission by the Chinese last week.
"There are hopes there will be even more concrete results," Chinese Foreign Ministry spokesman Geng Shuang told a daily news briefing in Beijing on Friday. He did not elaborate.

More News For this Category

Iran gives Europe to end of May to save nuclear deal

Iran gives Europe to end of May to save nuclear deal

AP, Erbil :The signatories of the Iranian nuclear deal - without the United States - are meeting in Vienna on Friday in a bid to save the agreement. Iran

Kim Jong Un not a weak leader says Mike Pompeo

Kim Jong Un not a weak leader says Mike Pompeo

PTI, Washington : Kim Jong-un is not a weak leader and that he has shown tremendous capacity to lead North Korea, according to Secretary of State Mike Pompeo, who is

News In Brief

Prince William to visit Jerusalem, RamallahReuters, LondonQueen Elizabeth's grandson Prince William will visit Jerusalem and Ramallah when he becomes the first senior member of Britain's royal family to visit

Four Saudi activists freed, one arrested as crackdown persists

Four Saudi activists freed, one arrested as crackdown persists

AFP, Dubai : Saudi authorities have released four detained activists but arrested another one, pressing ahead with a sweeping crackdown just a month before the kingdom lifts its ban on women

Collapse of Trump-Kim summit threatens to deepen US-China rift

Collapse of Trump-Kim summit threatens to deepen US-China rift

Reuters,  Beijing :US President Donald Trump's cancellation of a summit with North Korean leader Kim Jong Un threatens further strain on U.S.-China ties amid a trade dispute that had

Thai court extends detention of pro-democracy activists

AP, Bangkok :A court in Thailand extended the detention Thursday of 15 pro-democracy activists arrested earlier this week after several thousand police were deployed to halt their small protest

Hariri on track to become PM for third time

Hariri on track to become PM for third time

Reuters, Beirut :Lebanon's Saad al-Hariri is on track to become prime minister for a third time after winning the backing of a majority of MPs in official consultations on

Russian military missile downed Flight MH17

AP, Bunnik, Netherlands :An international team of investigators said Thursday that detailed analysis of video images and photos has unequivocally established that the Buk missile that brought down Malaysia

News In Brief

Spanish ruling party convicted in corruption caseAP, MadridSpain's National Court has issued hefty prison sentences for politicians and businesspeople involved in a kickbacks-for-contracts scheme that helped fund the governing

Trump says

Trump says "there's a good chance" North Korea meeting will happen June 12

CBS News :President Trump says that "there's a good chance" his meeting with North Korean leader Kim Jong Un will take place in Singapore on June 12, as planned,