Iowa Senator Says Trade Meeting In China Important On Seeking Tariff Resolution

China-US talks to cool trade war

A breakthrough deal to fundamentally change China's economic policies is viewed as highly unlikely during the two-day visit, though a package of short-term Chinese measures could delay a USA decision to impose tariffs on about $50 billion worth of Chinese exports.

The seven-member US delegation is led by Treasury Secretary Steven Mnuchin and is meeting with a group of Chinese officials led by Chinese Vice Premier Liu He, a close aide to China's president, Xi Jinping.

It was unclear if the group would be meeting with President Xi Jinping or with Premier Li Keqiang. An investigation by the Trump administration into China's unfair trade practices mentions the policy more than 100 times.

Since Trump's threat of further tariffs, Chinese officials have walked back, at least publicly, suggestions that they would cut a deal.

Drawing on Chinese and US sources, the study said other sectors thought to have overcapacity included glass, shipbuilding, base metals, paper, chemicals, batteries and footwear.

The group was expected to depart in the evening. The Trump administration says USA companies lose hundreds of billions of dollars annually to China's theft of trade secrets.

China complains to the World Trade Organization about newly imposed USA tariffs on steel and aluminum imports. That could prevent an early resolution of the dispute, which could lead the U.S.to move ahead on the first round of tariffs. The plan mostly involves subsidizing Chinese firms.

USA complaints about Chinese intellectual property (IP) abuses are at the core of the current dispute.

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Asked about trade friction between the USA and China, ADB President Takehiko Nakao said Thursday that so far mounting friction has not measurably hurt that activity. But it also requires foreign companies to provide key details about their technologies to Chinese partners.

In preparing for the long haul, Beijing is trying to line up alternative supplies, especially of soybeans, having pledged to impose retaliatory levies on US farm products should Washington follow through on its tariff threats against China.

The Chinese side has not commented publicly on the specifics of the talk, though a foreign ministry spokeswoman said the talks should be made on the basis of mutual respect and aim for mutually beneficial outcomes.

In addition, the legislation will propose to amend the 1984 income tax treaty with China to impose a withholding tax on Chinese entities earning investment and dividend income in the United States.

"Navarro and Lighthizer are there to ensure that there isn't any incrementalism, that nobody gets taken in by an offer to drop a few tariffs or to open a few sectors that the Chinese were planning to open anyway", said Claire Reade, a Washington trade lawyer and former Assistant USTR for China affairs.

He added, he wants there to be more foreign competition added to China's economy.

Last month, China announced steps to boost imports, such as cutting tariffs on automobiles. The U.S. Chamber of Commerce and AmCham China are hosting the event. But deploying the so-called "nuclear option" of slashing its Treasury holdings would be self-defeating for China, undermining the value of its portfolio, driving up its own currency and making its exports more expensive. "I look forward to being with President Xi in the not too distant future".

Mr. Xi has made it clear that China's state sector needs to be strengthened and has used a series of recent speeches and public appearances to urge Chinese companies to build up domestic technology.

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