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U.S.-China trade talks set to resume next week

Video Credit: Reuters Studio
Published on July 4, 2019 - Duration: 02:23s

U.S.-China trade talks set to resume next week

Top representatives from the United States and China are arranging to resume talks next week to try to resolve a year-long trade war between the worldโ€™s two largest economies, Trump administration officials said on Wednesday.

Grace Lee reports.

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U.S.-China trade talks set to resume next week

Just days after a trade-truce with China, the United States says talks will start back up next week.

(SOUNDBITE) (English) WHITE HOUSE ECONOMIC ADVISER LARRY KUDLOW, SAYING: "We've been accommodative.

We will not lift tariffs during the talks." White House Economic Adviser Larry Kudlow spoke to reporters on Wednesday (July 3), saying though tariffs on China won't be lifted, the U.S. is opening up when it comes to exports.

(SOUNDBITE) (English) WHITE HOUSE ECONOMIC ADVISER LARRY KUDLOW, SAYING: "We are hoping that China will tow its end of it by purchasing a good many American imports, agriculture, agricultural services, maybe industrial, maybe energy -- it's not done yet, but we're hopeful." China might already be working on that.

According to a U.S. rice trade group, a private importer in China last week bought U.S. rice for the first time ever.

They say 40 tonnes of medium grain rice has been milled and packaged.

It's unclear whether the purchase was a goodwill gesture from Beijing, but it comes after another big sale last week: 544,000 tonnes of U.S. soybeans.

China was a major buyer of U.S. soybeans and pork before the trade war started, and after his meeting with Chinese President Xi Jinping Trump said China had agreed to make new purchases of U.S. farm products.

White House officials say talks are heading in the right direction, but it would take time to get the right deal made.

And President Trump this week made clear what his expectations are.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP DISCUSSING CHINA, SAYING: "So obviously, we can't make a 50/50 deal.

It has to be a deal that is somewhat tilted to our advantage." This all comes as the U.S. trade deficit hit a five-month high in May.

The Commerce Department on Wednesday said the trade deficit surged over 8% to 55.5 billion dollars.

Experts point to tariffs on Chinese goods.

(SOUNDBITE) (English) BANKRATE, SENIOR VICE PRESIDENT, CHIEF FINANCIAL ANALYST, GREG MCBRIDE, SAYING: "The increase in the trade deficit is entirely related to tariffs.

What we saw imported in larger numbers were things that would otherwise be subject to tariffs, things like automotive goods, industrial goods, capital goods, machinery, the type of things that might otherwise be subject to tariffs later, so there's a real incentive to get that stuff onto U.S. shores now before tariffs are applied." The U.S. still has 25% tariffs on 250 billion dollars worth of Chinese products, ranging from semi-conductors to furniture.

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