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China says 'big differences' remain after US trade talks

China says some progress was made in trade talks with the United States this week but acknowledged that the two sides...

Posted: May 5, 2018 6:38 PM
Updated: May 5, 2018 6:38 PM

China says some progress was made in trade talks with the United States this week but acknowledged that the two sides remain far apart on some issues.

After two days of talks in Beijing between top officials, the countries have agreed to continue "close communication," according to a report by China's official news agency, Xinhua.

The negotiators reached agreement in some areas, including on increasing exports from the United States to China, trade in services and intellectual property protection, Xinhua said, but it didn't give any details.

"Both sides realized that there are some relatively big differences on some issues. And more work needs to be done to achieve more progress," Xinhua said Friday.

The White House described the talks as "frank discussions" aimed at fair trade that will help the Chinese, American and world economies.

The American delegation said it was committed to "securing fair trade and investment terms for American businesses and workers."

President Donald Trump tweeted late Friday that he and the delegation "will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with U.S. trade wins!"

Fears of a damaging trade war between the world's top two economies have grown in recent months after the United States and China threatened to slap steep tariffs on tens of billions of dollars of each other's exports.

US moves against Chinese smartphone makers Huawei and ZTE, and Beijing's decision to tax American sorghum have ratcheted up the tensions.

Related: Tariffs won't slow China's tech rise

Last month, the US Department of Commerce banned ZTE from buying product parts from American firms, saying the company lied about punishing employees who violated sanctions against North Korea and Iran.

In a statement Friday, China's Ministry of Commerce said it had lodged "solemn representations with the US" about ZTE during the Beijing talks.

"Irrespective of any short-term deal ... trade friction will be a permanent feature of the next few years," Richard Jerram, chief economist at the Bank of Singapore, said in a research note on Friday.

Unacceptable demands?

Trump had previously called for China to reduce its huge trade surplus with the United States by $100 billion, a demand experts say Beijing would find it difficult to meet.

According to The Wall Street Journal, the US delegation doubled that figure in the Beijing talks, handing the Chinese government a document that demanded a $200 billion cut in the trade imbalance by the end of 2020.

The reported list of demands also includes halting Chinese subsidies for advanced technologies and slashing tariffs on imports of American products.

Trump's delegation of top economic advisers included Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer. They met with a Chinese team led by Liu He, President Xi Jinping's top economic adviser.

Analysts had expressed skepticism that two days of talks would lead to any significant breakthrough.

-- Nanlin Fang, Tim Schwarz and Serenitie Wang contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 314509

Reported Deaths: 7247
CountyCasesDeaths
DeSoto21626259
Hinds20359415
Harrison17934309
Rankin13634278
Jackson13447246
Madison10099217
Lee9980174
Jones8381163
Forrest7683152
Lauderdale7191241
Lowndes6401147
Lamar623086
Lafayette6200118
Washington5339134
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Marshall4443103
Warren4393121
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Monroe4113133
Union411076
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Hancock379386
Leflore3497125
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Tate334084
Pike3325105
Scott315973
Alcorn313368
Yazoo311669
Itawamba300477
Copiah297065
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Simpson295288
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Holmes189173
Clay185454
Stone182833
Tallahatchie178841
Clarke178080
Calhoun170832
Yalobusha164338
Smith162434
Walthall133945
Greene130633
Lawrence128624
Montgomery126942
Noxubee126734
Perry126338
Amite123142
Carroll121829
Webster114532
Jefferson Davis107133
Tunica105726
Claiborne102430
Benton99525
Humphreys96733
Kemper95828
Franklin83823
Quitman80916
Choctaw76418
Wilkinson67331
Jefferson65728
Sharkey50217
Issaquena1686
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Alabama Coronavirus Cases

Cases: 532895

Reported Deaths: 11001
CountyCasesDeaths
Jefferson771431528
Mobile41089808
Madison34837505
Tuscaloosa25810454
Montgomery24355588
Shelby23730249
Baldwin21191309
Lee15892171
Calhoun14522316
Morgan14324279
Etowah13861353
Marshall12250223
Houston10581281
Elmore10060205
Limestone9986151
Cullman9705194
St. Clair9702243
Lauderdale9441242
DeKalb8846187
Talladega8255176
Walker7246277
Autauga6938108
Jackson6815112
Blount6694137
Colbert6310134
Coffee5524119
Dale4850111
Russell443238
Chilton4308112
Franklin426282
Covington4136118
Tallapoosa4039152
Escambia393977
Chambers3578123
Dallas3557152
Clarke351161
Marion3130101
Pike311377
Lawrence300798
Winston275673
Bibb261564
Geneva251477
Marengo249664
Pickens234761
Barbour231756
Hale223277
Butler216469
Fayette212562
Henry189044
Cherokee184745
Randolph181742
Monroe178040
Washington167639
Macon159950
Clay156857
Crenshaw152757
Cleburne149141
Lamar142935
Lowndes139053
Wilcox127130
Bullock122841
Conecuh110629
Coosa107928
Perry107826
Sumter104832
Greene92534
Choctaw61124
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