Published: Wed, May 09, 2018
Global | By Enrique Rogers

China vice premier to visit USA for more trade talks

China vice premier to visit USA for more trade talks

Among the list of hard-line demands that Trump's delegation handed China last week was an ultimatum to cut $200 billion from its annual trade surplus with the U.S.by 2020. "The backdrop of the ongoing trade negotiations between China and the USA is one in which global growth has already peaked and China's export performance is waning as a result".

"The core of the USA position is that China become a genuine market economy on an expedited schedule and that the United States reserves the right to be judge and jury in determining compliance", Scott Kennedy, senior fellow at the Center for Strategic and International Studies, wrote in a commentary about the talks.

The row has fuelled worries about a trade war between the economic superpowers that has the potential to hammer the global economy.

China's April imports jumped 21.5%and its exports grew 12.9% against the prior year-ago period.

US officials traveled to Beijing last week for talks on resolving the dispute between the world's two biggest economies.

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The negotiations could head off the threatened United States tariffs targeting $150bn in imports, while China has warned $50bn in goods are in the line of fire.

"We have noted the statement from the White House press secretary". In addition, the USA president wants sharply lower import tariffs for U.S. goods and a cut in Chinese state subsidies for advanced technologies.

The country's surplus with the USA expanded to $22.19B - compared with a surplus of $15.43B in March. Last year's surplus totaled $375 billion.

China's April imports also showed strong growth overall, suggesting its domestic demand remains resilient despite rising corporate borrowing costs and cooling property investment. Its imports from the United States rose 11.6 per cent in the same period. China's imports of soya beans and crude oil rose in April from the previous month, though imports of iron ore and coal fell.

China's top economic official will visit Washington next week to continue trade discussions, the White House said Monday, as threatened tariffs on billions of dollars of goods could be imposed this month.

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