Published: Wed, May 09, 2018
Global Media | By Garry Long

China economic adviser to visit U.S. next week for trade talks

China economic adviser to visit U.S. next week for trade talks

"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!" he said in a Twitter post late on Friday. The growing trade surplus comes at a time of escalating friction between Beijing and Washington over the imbalance.

China's exports grew by 13% year-on-year in April, beating analysts' expectations and recovering from a 2.7% drop in March. Beijing has responded with its own tariff threats. USA authorities flew to Beijing last week to get talks with their counterparts to resolve the matter however made little advancement. Those meetings appear to have made little progress, but further discussions are scheduled to resume next week.

Just days ahead of a visit to the United States by a top trade official representing China, and on the heels of stalled trade negotiations in Beijing with a USA delegation, increased inspections of U.S. pork imports at Chinese ports is causing the most recent bottleneck of shipments there, according to a Reuters report.

Mr. Trump is seeking to cut the chronic US trade deficit and gain concessions over policies that foreign companies say force them to share technology with Chinese partners in order to gain market access.

"The President had a briefing this morning with members of the team that travelled to China".

China's Vice-Premier Liu He will visit the United States capital "to continue the discussions with the president's economic team", White House spokesperson Sarah Huckabee Sanders told reporters.

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The trade deficit with China stood at $36.73 billion during April-October 2017-18, and was $51 billion in 2016-17. President Donald Trump's demands that China slash its surplus with the US have become a cornerstone of his combative economic policy.

The Trump administration has drawn a hard line in trade talks, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.

Customs information released Tuesday showed that imports enlarged 12.9 per cent year-on-year in dollar terms.

The English-language China Daily saw a "positive development" in the two days of talks in an agreement to establish a mechanism to keep the dialogue open, despite "big differences", as part an effort to resolve trade disputes.

The headline readings came as the world's two largest economies have threatened each other with tens of billions of dollars' worth of tariffs in recent months, leading to worries that Washington and Beijing may engage in a full-scale trade war that could damage global growth and roil financial markets.

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