China urges United States to ease trade barriers


21 July, 2017

He was speaking before the start of the U.S.

Though disputed, most economists agree that China is able to produce costs at a very low price (which USA consumers demand in high volume) due to its lower standard of living and its exchange rate, which is in part fixed to the dollar.

Meanwhile, Trump followed his two predecessors in launching a mechanism for regular talks to be led by Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, along with China´s Vice Premier Wang Yang. "They're convenient excuses to block foreign competition", Scott Kennedy, deputy director of the Freeman Chair in China Studies and director of the Project on Chinese Business and Political Economy at Center for Strategic & International Studies in Washington DC, told Sputnik. The bilaterals talks between America and China, which began in April, resulted in reopening China's market for the USA buff after 14 years, China also pledged to buy US liquefied natural gas.

The tough talk seemed like a return to Trump's message during his campaign, when he attacked Beijing for unfair trade practices.

The Donald Trump administration launched its first round of trade talks with China in an unusually blunt manner yesterday, demanding a "fair, equitable and reciprocal" relationship, with more access to American-made goods and services.

"China is in the midst of a change to a more sustainable growth model", said Mnuchin. Primarily, the U.S. imports consumer electronics, clothes and machinery while China's imports are mainly raw materials sent to the country for low-priced assembly.

As the Chinese economy continues to grow at a medium-high speed and climb higher on the value chain, China's traditional industries are transformed and upgraded at a faster pace, and emerging industries flourish, he said.

Fears of a trade war have risen since Trump lashed out at China last month over what he said was its failure to rein in North Korea's nuclear weapon ambitions.

Mnuchin last month took steps to penalize a Chinese bank, a Chinese shipping company and two Chinese citizens to reduce North Korea's access to the global financial system.

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"China is not going to do anything dramatic" to pressure North Korea, he said.

That led to specific but narrow achievements, including opening the Chinese market to USA beef exports and pledges to remove barriers to United States credit card transactions, credit ratings, and other financial services, including bond underwriting.

One of the possible reasons for the outcome was America's critical stance with regards to China's trade surplus, which stands at £266 billion (£205bn). The law under which the Trump administration is investigating steel imports has only been used twice to sanction a foreign industry for compromising national security.

Following his meeting with Xi in April, Trump said he had "great chemistry" with the Chinese leader and shifted toward conciliation with China.

Talks aimed at breaking down trade barriers between the United States and China appeared to hit a snag Wednesday in Washington, as the two sides canceled news conferences that were scheduled for the end of the meeting.

Could this week's U.S.

"Even now, (although) we occasionally disagree on individual items, we have fundamentally shared objectives".

The Trump administration wants to pursue with China "deliverables" by specific dates so the results are measurable, he added.

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