US And China Still Deeply Divided As Trade Talks Begin

As steel tariffs squeeze U.S. businesses uncertainty threatens economic growth

U.S. President Donald Trump's chief trade negotiator said on Tuesday he was not looking to negotiate changes to China's state-driven economic system in trade talks in Beijing this week but would seek to expose it to more foreign competition. Lighthizer, appearing at a U.S. Chamber of Commerce event, was asked if he was optimistic or pessimistic about discussions with Chinese officials that are set to begin on Thursday, with representatives of the two largest economies in the world talking trade and economic frictions under the shadow of tariff threats from both sides.

Late past year, the government said it would allow foreign companies to control Chinese banks and investment firms for the first time, in theory making it easier for Wall Street to do business in the country. "It seems to work for them".

The delegation include US Ambassador to China Terry Branstad, Commerce Secretary Wilbur Ross, and US Trade Representative (USTR) Robert Lighthizer, the White House said in a statement on Monday.

Ross said earlier on Tuesday that Trump was prepared to levy tariffs on China if the delegation did not reach a negotiated settlement to reduce trade imbalances. "So, one way or another, we are going to deal with this recurring problem of trade with China", Ross told CNBC.

The trade group - which represents more than 60 big tech companies including Apple, Amazon and Facebook - said many countries share the United States' concern about Beijing's unfair trade practices.

The first round of threatened tariffs under the USA government's "Section 301" intellectual property probe focused heavily on technology products benefiting from the "Made in China 2025" program to upgrade China's domestic manufacturing base with more advanced products.

China, which denies it coerces technology transfers, has threatened retaliation in equal measure, including tariffs on USA soybeans and aircraft.

The so-called Section 301 investigation tariffs could be imposed sometime in June after the conclusion of a public comment process.

If they fail to agree on a course of action to protect intellectual property rights from depredation, United States punitive tariffs on $50 billion in Chinese goods are set to take effect May 22 and are certain to set off a chain of retaliation that could spill over into the global economy. Our list of things that are troubling is very long. But foreign companies are unhappy over requirements that they share key details about their technology to Chinese partners. It is considering invoking the International Economic Emergency Powers Act to impose such bans.

Last month, Washington banned Chinese telecom and smartphone giant ZTE from purchasing crucial USA components for seven years - threatening the company's survival - as punishment for breaking United States export controls.

President Donald Trump will have the final say on accepting any US agreement with China, Ross said, indicating he doesn't expect an announcement immediately from the meetings.

President Donald Trump announced the punitive action against China in late March for what the administration says is rampant theft of USA technology and know-how.

Related News:



Most liked

Prince Harry, Meghan pick carriage for wedding procession
Excitement may be building for the royal wedding but someone a little "closer" to Meghan Markle is clearly unimpressed. Bitter Thomas Markle Jr has warned Prince Harry , 33, to ditch the May 19 wedding with the Suits actress.

Trump says Kim summit details to be unveiled within days
South Korea, China and Japan will hold a trilateral summit in Tokyo next week, in the latest round of diplomacy to resolve Kim's weapons programme.

Australian cricket cheating plot sparks ethics review
Former players and pundits, however, have criticised the team for relentless sledging of opponents and other boorish conduct on field.

New Windows 10 update lets you dictate content to your machine
Now click the button called "Check for Updates" and this should force the update to begin downloading. Windows 10 is pretty stable these days, but we're sure there'll be a mess or two to uncover, too.

NSYNC Playing 'Never Have I Ever' on 'Ellen' Is Peak 90s
If people want to call the Walk Of Fame Star a "reunion" then fine, but we have no plans on making any new music or tour.

25.61% More Shell Midstream Partners LPUNITS Repres (NYSE:SHLX) Short Interest
Jane Street Group LLC acquired a new position in shares of Summit Midstream during the 4th quarter valued at about $204,000. Peapack Gladstone Finance holds 0.01% of its portfolio in Magellan Midstream Partners, L.P. (NYSE:MMP) for 3,109 shares.

Apple's Earnings: iPhone Numbers Just Keep Coming Down
Also, the stock of Apple has seen a downfall of 8% during March and April and was observed at $164.22 on Thursday. However, the iPhone 8 and 8 Plus looked similar to the iPhone 6 and 6 Plus models from about three years earlier.

Trump extends exemptions on steel, aluminum tariffs
The U.S. refused to offer the European Union compensation and said the request for consultations had no basis under WTO rules. Mnuchin noted in the interview that he is not concerned about China's retaliatory measures in response to U.S. tariffs.

UNSC envoys hear of rapes, murders from Rohingya refugees
Some of the Muslim refugees broke down in tears as they told harrowing stories of murder and rape in mainly Buddhist Myanmar. United Nations officials from Switzerland, Jordan, Egypt, US, Trinidad and Tobago and Barbados are also with the delegation.

Sam Allardyce says he can't do anymore to win over Everton fans
Sam Allardyce remains determined to gain Everton approval after fans unfurled a banner illustrating their unhappiness with his style of play.

Marathon Oil Corp. (MRO) Lowered to Hold at Vetr Inc
Moreover, Amundi Pioneer Asset Management has 0.06% invested in Marathon Petroleum Corporation (NYSE: MPC ) for 564,299 shares. Deroy & Devereaux Private Investment Counsel Inc bought 138,600 shares as the company's stock declined 6.39% with the market.

Origin Sajid Javid appointed new United Kingdom home secretary
President Donald Trump retweeted a message from a far-right Islamophobic group, Mr. The main opposition Labour Party accused Rudd of being a "human shield" for May.

At Least 26 Killed in Missile Attack on Syria, Iranian Positions
The working assumption is that Israel hit storage areas where Iran kept heavy long-range rockets for future use against Israel. The target of the attack was depots of ground-to-ground missiles belonging to the Iranian militiamen, the report said.

Most US voters trust Federal Bureau of Investigation ex-chief Comey more than Trump
Though Comey's overall approval rating was negative, 54 percent of the polled said they believed Comey over the president. Instead, he mounted an attack on the Democrats for dragging out the confirmation process for one nominee after another.

Record Audiences Get Set to Make the 2017 Grand National the Biggest To Date
For some , it will be a case of asking which horses have been at their most impressive this season that will give them the clues as to which Grand National horses to bet on .