US, China Talks Seen Offering Small-scale Market Access Deals

Jul 20, 2017, 00:40
US, China Talks Seen Offering Small-scale Market Access Deals

"We need to work together to maximise the benefit for both sides, but this is only possible if there is a fairer and more balanced economic relationship between the USA and China", Mr Mnuchin said.

Chinese Vice-Premier Wang Yang told the luncheon that Beijing has its own concerns to be addressed in the talks, including "outdated" United States export controls for high-technology products.

U.S. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross said on Tuesday they would be looking for China to agree to concrete steps with specific delivery dates to open markets, including more access for U.S. firms in the financial services sector.

The U.S. -China Comprehensive Economic Dialogue, or CED, is expected to draw businesses leaders from the U.S. and China that includes JPMorgan Chase (JPM) CEO Jamie Dimon, General Motors (GM) CEO Mary Barra, executives from Walmart (WMT), ConocoPhillips (COP), Caterpillar (CAT), the Bank of China Chairman and one of the state owned oil companies. His administration is also weighing steps to cut steel imports, blaming China's overcapacity for creating global gluts.

China trade experts said they expect new announcements on small openings of China's markets or specific purchases of USA goods, but these will not substantially alter the bilateral economic relationship.

He noted that cooperation between China and the USA not only benefits businesses and peoples of the two countries but the world as a whole.

Prasad said the United States would be better served by focusing less on near-term steps but pushing China for bigger reforms such as opening major portions of its services sector to USA competition, relaxing corporate ownership rules, reducing subsidies for state-owned enterprises and clamping down on intellectual property theft. "We still have work to do with China to achieve a balanced relationship" that is based on reciprocity. "This is a result of the greater opening of China's financial sector", Wang said.

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.

China, which Trump has criticized for cheating on steel prices, ranked 11th past year, and trade experts say it is a likely target.

Mr Wang said the key point about the CED is the two countries are "having dialogue, not confrontation".

"China and the USA are each other's biggest trading partner and important source of investment".

The U.S. president in June said China hadn't done enough to control North Korea and its nuclear weapons program, though he appeared to brush over differences from that threat and about trade issues during the Group of 20 meeting earlier this month.

"Our working relationship is better today than it has been in many decades", said Ross, who has conducted business in China for many years.

YOU MIGHT ALSO LIKE
  • Heinz Repackaged Its Ketchup As 'Chicago Dog Sauce' To Goad Us All

    Heinz Repackaged Its Ketchup As 'Chicago Dog Sauce' To Goad Us All

    There are others that people put on a dog, like coleslaw and barbecue sauce, but I don't use them enough to merit inclusion. Chicago Dog Sauce, says Heinz , is made with "delicious red ripe tomatoes and a special blend of spices and flavorings".
    Dozens continue searching Bucks County property in hunt for four missing men

    Dozens continue searching Bucks County property in hunt for four missing men

    When asked whether he believed foul play was involved in the disappearances , Weintraub said "I sure believe there is". On Monday, investigators brought in a backhoe to aid the 40 to 50 volunteers who are helping to search the property.
    Parents of Sick British Baby Rally For Transfer to US Hospital

    Parents of Sick British Baby Rally For Transfer to US Hospital

    As one of our readers observed, Charlie was essentially kidnapped, so that the authorities would be sure that he died on schedule. Charlie's life has hung in the balance since his birth. "In this case, the wishes of the parents ought to be respected".
  • 15th stage of the Tour de France: Mollema victor  in solitaire

    15th stage of the Tour de France: Mollema victor in solitaire

    Matthews is 79 points behind the German, who won five of the first 11 stages to establish a huge advantage. The outcome saw Froome retain his overnight overall lead on Aru and Bardet of 18s and 23s respectively.
    Rory McIlroy will 'bounce back', says Rickie Fowler

    Rory McIlroy will 'bounce back', says Rickie Fowler

    Open and last week's Irish Open - and the latest low point in an injury-affected 2017 for the four-time major victor . It was the world No. 4's third missed cut in his last four events - he also failed to make the weekend at the U.S.
    Lakers Sign Kentavious Caldwell-Pope To One-Year Deal

    Lakers Sign Kentavious Caldwell-Pope To One-Year Deal

    If the things work out the way both sides are hoping to, Caldwell-Pope might be in Lakers uniform for more than one season. Caldwell-Pope also is a strong two-way player who is expected to improve the Lakers' defensive competence.
  • Oculus slashes Rift price for second time this year

    Oculus slashes Rift price for second time this year

    Years of Palmer Luckey's promises to hit a $350-400 price sticker with the first consumer model were undercut in an instant. That's in contrast to the SteamVR-powered HTC Vive , which is still sold for a profit at its post-Brexit price of £760.
    Trading resumes at NSE after technical issues

    Trading resumes at NSE after technical issues

    Two sources familiar with the matter said it was an internal issue, ruling out any external cyber attack or hacking. There have been a few occasions in 2014 when the BSE faced a similar glitch while the NSE continued operations.

    Online gambling and betting increased over 1386% during past five years

    So in as much as stakeholders are heavily spending on ads, their audience is also responding very well to what they are offering. In addition to this, there’s a wide variety of games which the platform offers to cater for all types of gamers.
  • Brody: Trump Wants Out of Iran Deal, but Timing Isn't Right

    Brody: Trump Wants Out of Iran Deal, but Timing Isn't Right

    He chose not to elaborate on the issue until the State Department's full statement regarding the Iran deal. Among those sanctioned were key backers of Iran's military and Islamic Revolutionary Guard Corps.
    RIP Martin Landau, Oscar-winning actor

    RIP Martin Landau, Oscar-winning actor

    Among his credits are Alfred Hitchcock's "North by Northwest ", Tim Burton's " Ed Wood " and " Cleopatra ". Interviews with the New York Times in the 1990s reflected his early years as an actor.
    Steelers Make Forbes List Of Most Valuable Sports Teams

    Steelers Make Forbes List Of Most Valuable Sports Teams

    They edged out division rival the Pittsburgh Steelers, who came in 28th on the list with an estimated value of $2.25 billion. Alongside Adidas , the club are sponsored by other big companies such as Chevrolet and 20th Century Fox .
popular