WASHINGTON • The US yesterday launched its first round of trade talks with China since Mr Donald Trump took office – in an unusually blunt manner, demanding a more « fair, equitable and reciprocal » relationship, with more access for American-made goods and services..
WASHINGTON • The US yesterday launched its first round of trade talks with China since Mr Donald Trump took office – in an unusually blunt manner, demanding a more « fair, equitable and reciprocal » relationship, with more access for American-made goods and services.
Noting the more than 200 per cent surge in Chinese exports to the United States in the last 15 years, creating a trade deficit of US$309 billion (S$423 billion) last year, Commerce Secretary Wilbur Ross insisted change was necessary.
« If this were just the natural product of free market forces, we could understand it, but it’s not, » he said at the opening ceremony of the one-day meeting between the world’s top two economies.
« So it is time to rebalance our trade and investment relationship in a more fair, equitable and reciprocal manner. »
The talks are a continuation of the process undertaken by the previous two administrations, which the Trump administration has rebranded as the US-China Comprehensive Economic Dialogue.
Treasury Secretary Steven Mnuchin said the talks with the Chinese delegation led by Vice-Premier Wang Yang would focus on concrete steps to provide greater access and a « level playing field » for US companies to the world’s second-largest market.
« We need to work together to maximise the benefit for both sides. But this is only possible if there is a more fair and balanced economic relationship between the US and China, » Mr Mnuchin said.
« It means addressing the imbalances caused by the Chinese intervention in its economy, » he said, adding: « A more balanced economic relationship will create prosperity for our two countries and the world.
