China ‘Very Spoiled’ Trump
President Donald Trump says there's a need to "bring fairness to trade between the USA and China" and his administration will be "doing something one way or the other".
Hopes for more meaningful progress on the future trading relationship between the world's two largest economies were undermined by the list of USA demands, which ask China to reduce the trade deficit by $200bn (£150bn) by 2020.
Trump has threatened to levy new tariffs on $150 billion of Chinese imports while Beijing shot back with a list of $50 billion in targeted US goods.
China also demanded that USA terminate its Section 301 intellectual property probe and not implement the 25 percent tariffs proposed as part of that probe, they said.
People familiar with the talks said on Friday the Trump administration had drawn a hard line, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies. China wants the United States to stop an investigation into the country's acquisition of sensitive American technologies.
Shane Oliver, of AMP Capital Investors in Sydney, Australia, said a negotiated solution is "most likely", but it will take time with "near-death moments along the way".
US proposal: Asked China to cut tariffs on all products to levels no higher than that of the United States.
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On Twitter Friday night, Trump said that once the delegation has returned, "We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with USA trade wins!"
A list of hard-line demands that the Trump administration handed China last week could make it even more hard to resolve a trade conflict between the world's two largest economies.
In March, President Donald Trump threatened to slap tariffs on up to $150 billion worth of Chinese goods. The duties can be imposed after a public comment period ends May 22.
Ministry spokesman Ying Xun says China lodged its complaints during meetings Thursday and Friday with the delegation led by Treasury Secretary Steven Mnuchin. Mnuchin was joined by Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer, as well as two senior White House officials - economic adviser Larry Kudlow and trade adviser Peter Navarro - and the American ambassador to China, Terry Branstad.
The size and high level of this delegation illustrates the importance that the Trump Administration places on securing fair trade and investment terms for American businesses and workers.
"My group just got back from China".
"We must resolve this trade dispute without resorting to job-killing tariffs and retaliation", the retail federation's president and chief executive Matthew Shay said earlier this week. Branstad is a former governor of Iowa, where agricultural exports to China are important to the economy. The administration is looking to push through a $100 billion trade deficit reduction that China is expected to oppose.
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