Top Chinese economic adviser to visit US next week for trade talks
- Author: Adam Floyd May 09, 2018,
May 09, 2018, 5:21
China's exports recovered at a faster than expected pace in April and imports growth accelerated notably, data from General Administration of Customs revealed Tuesday.
The April surge in the US-China trade gap was partly the result of rebounding Chinese exports in April, rising 12.9 percent from a year earlier and bouncing back from a 2.7 percent drop in March.
Those included slashing the USA trade deficit with China by $200 billion, cutting tariffs and eliminating subsidies for advanced technology, according to people familiar with the demands.
"It is a positive signal", ministry spokesman Geng Shuang told reporters. President Donald Trump tweeted last week that "it is hard for China in that they have become very spoiled with US trade wins!"
The team of USA trade officials who made the trade trip provided the presidential briefing. The Mnuchin-led delegation presented an extensive list of trade demands to China's trade officials during the visit, but no agreement was reached. "We're working on something that we believe will be great for everybody", she told the daily press briefing.More news: Two from the Lehigh Valley up for Tony Awards
China requested that President Donald Trump back off his tariff threats, reassess a Commerce Department ban on USA firms selling components and software to Chinese telecommunications equipment maker ZTE Corp and treat Chinese investments equally under US security reviews.
Economists at ANZ said some Chinese exporters might be accelerating electronics shipments amid the tariff threats.
That led to a widening trade gap in the first four months of 2018, climbing to $80.4 billion from about $71 billion in the same period previous year.
Trump wants substantial reduction in trade deficit with China, which now stands at Dollars 500 billion.
Trump has regularly said current trade practices are unfair and hurting American companies and jobs, and has threatened to impose import tariffs to the tune of $150 billion on Chinese goods.
China has vowed to take retaliatory action of the same scale.