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Published: Wed, May 09, 2018
Global Media | By Abel Hampton

China trade talks to continue in Washington

China trade talks to continue in Washington

Xi's top economic adviser, Liu He, who headed the Chinese side during the Beijing talks, is expected to visit Washington for the meetings next week, White House Press Secretary Sarah Sanders said Monday.

Just hours after the steel and aluminum tariffs had been announced, Kudlow told reporters that the Trump administration was mulling over providing China with a list of what the USA wants to see happen on trade with China.

Highlighting the challenge of significantly reducing that gap any time soon, China's trade surplus with the United States widened to US$22.19 billion last month, from US$15.43 billion in March, according to Reuters calculations based on customs data released yesterday.

In last week's talks, the United States demanded that China cut the trade deficit the U.S. now faces by at least US$200 billion by the end of 2020.

A statement from the White House described the discussions as "frank".

The visit comes after senior US economic officials and their Chinese counterparts failed last week during talks in Beijing to reach an agreement to address the standoff over tariffs.

"The President had a briefing this morning with members of the team that travelled to China". "And we are working on something that we think will be great for everybody".

Import growth also breezed past expectations, jumping by 21.5% from 12 months earlier. President Donald Trump tweeted last week that "it is hard for China in that they have become very spoiled with USA trade wins!"

The trade deficit with China stood at $36.73 billion during April-October 2017-18, and was $51 billion in 2016-17.

The data comes as Chinese officials plan to accelerate the development of the domestic chip market, Reuters reported this month, and as China's state-backed semiconductor fund is near closing a 120 billion yuan ($18.98 billion) investment round for a second fund to support the domestic chip sector and help cut reliance on imports.

China said last week that some progress was made in the talks in Beijing, but acknowledged that the two sides remain far apart on some issues.

Liu told American business leaders while visiting Washington earlier this year that he'd take steps to reform China's economy, according to a person familiar with the situation.

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