June 4, 2018

U.S. And Chinese Officials Meet Again In Beijing To Discuss Trade Deficit

Just days after announcing tariffs on $50 billion in Chinese technology products, U.S. Commerce Secretary Wilbur Ross landed in Beijing for the Trump administration’s next round of trade negotiations with Chinese officials. Representatives from the two countries focused on how to reduce China’s trade surplus with the United States.

There were no concrete outcomes from the meetings, but it’s expected the two nations will continue to talk. On Sunday, Chinese officials did warn that if the United States goes ahead with the tariffs it’s threated so far “all the economic and trade achievements negotiated by the two parties will not take effect.”

Before Ross left Washington, D.C., China’s State Council announced that it would reduce tariffs on more than 1,000 products imported from the United States. China Daily explained, “Average rates for household appliances like washing machines and refrigerators will drop to 8 percent, 12.5 percentage points lower. Tariffs on aquatic products and mineral water will be 6.9 percent on average, down from the existing 15.2 percent, while cleaning products, cosmetics and some healthcare products will be levied at 2.9 percent, down from the present 8.4 percent.”