US-China talk trade again as global tensions rise

White House slaps 25% tariff on Chinese goods

As fears of a global trade war escalate, all eyes will be on Beijing This kind of weekend.

US Commerce Secretary Wilbur Ross will be due to arrive within the Chinese capital on Saturday for talks with trade negotiators by the planet’s second-biggest economy.

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The negotiations come after a rocky week during which the United States tore up a tentative trade truce with Beijing as well as also hit Canada, Mexico as well as also the European Union with big tariffs on metal imports. All three will retaliate.

What are the talks about?

Washington as well as also Beijing have been exchanging threats for months, announcing plans for tariffs on tens of billions of dollars of each others’ exports.

President Donald Trump wants China to engineer huge cuts in its $375 billion trade surplus in goods with its biggest trading partner.

Related: Trump’s on-again, off-again strategy on China may backfire

At the last round of talks in Washington, China pledged to significantly boost its purchases of American goods as well as also services.

Senior US officials have said that will during the Beijing visit, Ross will be seeking commitments on how that will will happen in areas such as energy as well as also agriculture.

however experts are skeptical that will the United States will be able to get China to do enough to significantly close the huge trade gap.

Related: US-China trade battle: How we got here

us china trade chart

additional big US demands may also be on the table.

Speaking on Thursday, Ross said the objectives of the Trump administration hadn’t changed.

“Our basic objectives with China are to sell them more product, get less within the way of tariff as well as also non-tariff trade barriers, as well as also then ultimately, as well as also most importantly … deal with the problems of intellectual property, technology transfers, the whole litany of high-tech things,” he told CNBC.

The United States will be pressing Beijing to move away by industrial policies that will critics say subsidize Chinese companies on the global stage as well as also pressure foreign firms to hand over key technologies.

US officials are particularly concerned about “Made in China 2025,” which seeks to pump hundreds of billions of dollars into high-tech industries like robotics, electric cars as well as also computing with the aim of becoming a global leader in those fields.

Analysts say China will be unlikely to budge on those plans, which that will sees as crucial for developing its huge economy.

What could go wrong?

The Trump administration upped the stakes ahead of Ross’ expected visit by saying Tuesday that will planned to forge ahead with tariffs on about $50 billion worth of Chinese goods, as well as measures to restrict Chinese investment within the United States.

The move was unexpected, as trade tensions appeared to have eased in recent weeks after both sides said they had agreed to put plans for tariffs on hold while they tried to make progress in negotiations.

Related: 3 tough questions after US-China trade truce

us china trade big numbers chart

Analysts at Oxford Economics suggested that will the announcement was “aimed at renewing pressure on China ahead of the bilateral talks as well as also the possible North Korea summit,” according to a research note This kind of week.

The Chinese government said the move went against the recent consensus between the two countries. that will reiterated its stance that will that will doesn’t want a trade war however isn’t afraid of fighting one.

however that will has resisted announcing any retaliation so far. A US delegation arrived in Beijing on Wednesday for preliminary talks to establish the outlines for the weekend negotiations.

China previously said that will could strike back with tariffs on American goods such as soybeans.

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— Jethro Mullen, Alanna Petroff as well as also Steven Jiang contributed to This kind of report.

CNNMoney (Hong Kong) First published June 1, 2018: 8:32 AM ET



Source : US-China talk trade again as global tensions rise