China and US Fail to Come to Agreement on Trade

21 July, 2017, 00:42 | Author: Brian Mcdaniel
  • US and China begin Comprehensive Economic Dialogue

US officials fell short of securing ambitious gains in trade with China in a meeting on Wednesday and press conferences planned to cap off the event were canceled as the two countries wrapped up 100 days of trade talks.

Both China and the United States agreed that the dialogue has served the objective of deepening mutual understanding, building mutual trust and expanding consensus, and laid a solid foundation for long-term and stable cooperation between the two countries, said the statement.

Noting the more than 200 per cent surge in Chinese exports to the United States in the last 15 years, which created a trade deficit of US$309 billion (S$423 billion) last year, Commerce Secretary Wilbur Ross insisted that change was necessary.

"If this were just the natural product of free market forces, we could understand it, but it's not", Ross said.

USA demanded "more fair" trade arrangements.

Wednesday's CED replaces the Strategic and Economic Dialogue, which was formalized during the Obama administration, and the longstanding Joint Commission on Commerce and Trade.

Some of these agreements are yet to be implemented, and there has been little evidence of progress on thornier issues, such as excess capacity in China's steel and aluminum sectors.

Chinese Vice Premier Wang Yang said the two sides should maintain a healthy dialogue and warned against starting down the path of confrontation over trade.

He also stressed that cooperation is the only right choice for the two countries, a message expressed by several senior Chinese leaders.

Meanwhile, speaking on behalf of the Chinese, Wang called for cooperation between the two countries to resolve the issues. We need to work together to maximize the benefits for both sides.

Manu Ginobili Likely to Return to Spurs
Ginobili ranks in the top five in Spurs franchise history in games (992), points (13,467), assists (3,838) and steals (1,349). So, to put the icing on the cake, Ginobili confirmed on Twitter that he will return to San Antonio for another season.


Flood, flash-food watches posted for Toledo area
At 10:14 a.m., Weather Service Doppler radar indicated thunderstorms producing heavy rain across the warned areas. Amtrak suspended Hiawatha Service between Chicago and Milwaukee just before 8 a.m. due to flooding.


Trump says most 'would have taken that meeting'
Grassley declined to comment on whether he thought there was anything criminal in Trump Jr.'s meeting with Veselnitskaya. That email led to the June 9, 2016 meeting, at which Trump Jr. later said no meaningful information was provided.


He added that the U.S. and China have no choice but to cooperate economically even if they wanted to buy and hire locally.

Three months after President Donald Trump and his Chinese counterpart, Xi Jinping, shared chocolate cake at an amiable summit in Florida, tensions between the world's two biggest economies are flaring again.

At a White House event Monday, Trump suggested that the relationship is so strong that he asked during the Florida summit to start exporting USA beef to China and that the request was quickly granted.

During the Wednesday meeting, the two sides agreed to pursue economic cooperation based on the principle of win-win cooperation.

"Dialogue can not immediately address all differences, but confrontation will immediately damage the interests of both", Wang said.

"China's development and progress is a long-term certainty, which offers the most important external environment for foreign businesses to work with China", Wang said.

However, in a speech to a business group the day before the talks, Wang said U.S. policies were partly to blame for the high trade deficit.

Thanks to that, "there is huge market potential to tap in United States exports of advanced technologies, key equipment and critical parts to China", Wang said. "Unfortunately, American businesses have not had their fair share of the "cake" due to outdated U.S. regulations on export control".

Possible tariffs on big foreign steel exporters, including China, could be potentially in the 20 per cent range, Axios, a U.S. news and information website launched previous year by the co-founder of Politico, reported in late June.

Recommended:

  • $5B in Student Loan Debt Could Be Gone Thanks to Missing Paperwork

    $5B in Student Loan Debt Could Be Gone Thanks to Missing Paperwork

    Once borrowers are sued, most either choose to settle or ignore the summons, which allows the trusts to obtain a default judgment. But at issue is the group's ability to show paperwork proving that it owns the loans in question.
    Beyoncé and Jay-Z's twins are too cool for middle names

    Beyoncé and Jay-Z's twins are too cool for middle names

    Beyonce and JAY-Z's newborn twins were delivered by the same doctor Kim Kardashian and her family have called on for years. The Irish mum delivered her twins- a boy Senan and a girl Zoe back in February and was actually inspired by the pop singer.
    Appeals Court Overturns Sheldon Silver's Conviction on Corruption Charges

    Appeals Court Overturns Sheldon Silver's Conviction on Corruption Charges

    He served as leader of the state Assembly from 1994 through early 2015. "Today's decision is a part of that process". Kim said that although justice will be delayed, prosecutors do not expect justice to be denied.
  • The Cavs are in 'serious' talks with Derrick Rose

    Cleveland would give him the best chance to win a title and the Lakers would have the role best fit for the veteran point guard. While with the Knicks last season, Derrick Rose averaged 18 points, 4.4 assists, and 3.8 rebounds in about 32.5 minutes a game.
    Highest voter turnout ever for presidential election

    Highest voter turnout ever for presidential election

    As voting picked up, many MPs were seen queuing up in Parliament House outside the polling booth in Room No. 62 for the voting. The total strength of the electoral college is 10,98,903 votes, with each Parliamentarian carrying a vote value of 708.
    Skydiver told wife he wasn't pulling his parachute cord in video

    Skydiver told wife he wasn't pulling his parachute cord in video

    This is the fourth death in five years at Skydive DeLand , one of the busiest skydiving hubs in the country, WKMG-TV reports. His wife, 25, rushed to the skydiving centre in DeLand, Florida , and begged staff to stop her husband diving.
  • Frontier Airlines announces 6 new nonstop destinations from Cincinnati/Northern Ky. airport

    Frontier Airlines announces 6 new nonstop destinations from Cincinnati/Northern Ky. airport

    Frontier will celebrate the new service with low fares as low as $49 at flyfrontier .com, according to a Frontier news release. The carrier plans to begin service to Charlotte, Atlanta, Chicago's O'Hare International Airport, Detroit, and Minneapolis/St.
    Brexit talks begin in earnest with citizens' rights in focus

    Brexit talks begin in earnest with citizens' rights in focus

    The EU also accepted that details on the Brexit terms will still be open when trade talks start. The European Council President said it was "below expectations".
    PlayerUnknown's Battlegrounds Getting First-Person Servers

    PlayerUnknown's Battlegrounds Getting First-Person Servers

    KitGuru Says: A first-person only mode in a battle royale game will prove significantly more hard , acting like a hardcore mode. Because the camera can be rotated in third-person, this allows players to peek around cover without putting themselves at-risk.
  • Jewel Thief Doris Payne Charged With Walmart Theft

    Jewel Thief Doris Payne Charged With Walmart Theft

    She was found wearing an ankle monitor from a previous arrest for shoplifting. "She never hurts anybody", the attorney said . She had attempted to steal a necklace nearly worth $2,000 from Von Maur department store at the mall, CBS News reported .
    Jaguar E-Pace - prices, specs and CO2

    Jaguar E-Pace - prices, specs and CO2

    E-PACE is the newest member to join Jaguar's SUV line-up that include all-electric I-PACE Concept and the Jaguar F-PACE. Interestingly, the E-Pace doesn't get the rising rotary gear selector that is found on the various other Jaguar models.
    Facebook Begins Global Rollout Of Messenger Ad Program

    Facebook Begins Global Rollout Of Messenger Ad Program

    Home screen ads on Messenger will use the same user-targeting capabilities that are already being used by Facebook and Instagram. But Facebook has at least mercifully refrained from inserting ads into your actual conversations - for the time being, that is.


Popular

'Trump county' voters support policies but not style
Of the eight GOP seats, forecasters and party campaign committees consider only two to be genuinely competitive. But as President Trump and Senate Republicans are learning to their great displeasure, that was not the case.

Dominion Diamond Corp (DDC) Downgraded by Paradigm Capital to Tender
This buyback authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Jane Street Group LLC purchased a new stake in Dominion Diamond Corporation during the first quarter valued at about $212,000.

Gujarat HC dismisses Essar Steel's plea against RBI
Gujarat's Advocate General Kamal Trivedi appeared for Standard Chartered Bank; He was briefed by Singhi & Co. The Judge also said he has asked RBI to be more careful without giving out any details.

Consumer Inflation, Retail Sales Soft In June, Industry Solid
The drop came after the USA data raised doubts about U.S. economic growth and whether the Fed will hike rates again this year. The most-active USA gold futures for August delivery futures settled up $10.20, or 0.84 percent, at $1,227.50 per ounce.

Republicans Consider Ban on Gender Transition Surgeries for Troops
In June, Hartzler proposed a different amendment when the armed services committee marked up the defense authorization bill. Hartzler's proposal comes in the middle of renewed debate over transgender people serving in the military.

American Airlines to end codeshare with Etihad, Qatar Airways
US carriers say the alleged subsidies distort the air travel market and could threaten American jobs. However, these claims are denied by the airlines.

The internet rallies around the fight for net neutrality
Currently, there is no indication that any will, but the net neutrality rules do not preventing these companies from doing so. This has prompted a 90-day period in which members of the public can comment on the proposed rules up until July 17.

Future of British Grand Prix in doubt after Silverstone activates break clause
Silverstone Circuit became the full-time home of the British Grand Prix in 1987, but may not be for much longer. However, Silverstone is now the only track in Great Britain that meets F1's Grade 1 standards.

Most Republicans think colleges are bad for America
One institution that has been virtually unaffected by the political turmoil of the past year , according to the survey, is church. This may be why Republicans are increasingly keen to disapprove of colleges, as they see them as bastions of liberal thinking .

Novak Djokovic parties with sexy chef amid marriage trouble rumours
He's an established top-10 player, big game, flat shots, which are pretty good for this surface where the ball bounces quite low. The 30-year-old is now set to play against Czech Tomas Berdych , who defeated Austrian Dominic Thiem , seeded No.8.