Reuters have reported that Beijing and Washington have commenced the second round of trade talks on Thursday after talks and lists of demands that took place and were presented in Beijing two weeks ago came to no conclusions nor agreements between the two nations.
Both China and the U.S. seek to avoid a damaging tariff war, although U.S. President Trump's administration is demanding a $200 billion cut in China's U.S. trade surplus and greater protections for intellectual property, David Lawder at Reuters reported.
“We have not seen China’s demands yet, which should be few in that previous U.S. Administrations have done so poorly in negotiating...The U.S. has very little to give, because it has given so much over the years. China has much to give!”
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Key quotes from the article:
- "The Washington talks will start as the U.S. trade representative finishes up public hearings on the first batch of U.S. tariffs on $50 billion worth of Chinese goods proposed as punishment for alleged violations of U.S. intellectual rights."
- "The Trump administration sought a $200 billion reduction in China’s $375 billion U.S. goods trade surplus, an end to joint venture requirements that it says coerce technology transfers from American companies and an end to subsidies for advanced technology industries under the “Made in China” 2025 program."
- "Trump trade adviser Peter Navarro, was relegated to a supporting role amid a growing rift with U.S. Treasury Secretary Steven Mnuchin."
- "Navarro will be present at the meetings"
- "White House said they would be led by Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer."
- "The Chinese side will be led by Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping."
- "Liu started his visit in Washington by meeting with trade-focused U.S. lawmakers on Wednesday, listening to their concerns and telling them he would work hard to address problems in the U.S. trade relationship."
- "Lawmakers said they told Liu he needed to address U.S. concerns about intellectual property theft, forced technology transfers, barriers to investment in China and U.S. agricultural exports."
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