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U.S. and China emerge from trade talks without agreement — BBCI

U.S. and China emerge from trade talks without agreement — BBCI

Leaders of the US and China, the world's two largest economies, will sit down on Wednesday to talk about trade, markets and finance.

In a brief statement after the U.S.

Wilbur Ross, the US commerce secretary, acknowledged that dialogue between both countries has become "more challenging". USA companies are eager to gain greater access to the Chinese market, and Washington is urging China to open up more quickly and cut its trade surplus with the United States.

Allowing such sales to China will help reduce the USA trade deficit, Wang said, noting that China imported US$227 billion worth of integrated circuits past year, but only 4 percent of that came from the US.

Improving US-China trade in turn "will create prosperity for our two countries and the world", he said. The talks led to China re-opening its markets to USA beef and pledging to buy US liquefied natural gas, while allowing greater access to its financial services sector.

But there have been no new initiatives since, and Trump has grown increasingly frustrated with China's lack of pressure on North Korea. His administration is also weighing steps to cut steel imports, blaming China's overcapacity for creating global gluts.

Mnuchin said the talks with Wang would focus on concrete steps to provide greater access and a "level playing field" for United States companies in the world's second largest market.

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He added: "Melania and I send our thoughts and prayers to Senator McCain, Cindy and their entire family". In fact, almost a decade ago in 2008, McCain and Obama faced off in the presidential election.

"China is ready to work together", Mr Wang added.

Under Trump and Xi, talks led to China re-opening its markets to US beef and pledging to buy USA liquefied natural gas, while allowing greater access to its financial services sector.

Mnuchin on Tuesday said the USA wanted specific deliverables from the CED.

"What I think we will see is an attempt by both sides to be able to declare victory by coming up with a few very specific areas in which China agrees to open up its markets more and which the United States can claim as victories", said Dr Eswar Prasad, a trade policy expert at Cornell University.

Gordon Chang, author of "Nuclear Showdown, ' told FOX Business" Nicole Petallides the Chinese have not been helpful on North Korea and could hamper trade talks with the U.S.

Renewed tension between the US and China could revive the threat of escalating trade spats.

Serious concerns about a trade war between the two large countries based on Trump's tough campaign rhetoric have dissipated dramatically the past few months, especially after the first summit between President Xi Jinping and Trump at the Mar-a-Lago resort in Palm Beach, Florida, in early April.