US-China trade talks break up without breakthrough

US-China trade talks break up without breakthrough

By Paul Wiseman and Josh Boak, Associated Press | Posted - Jul. 19, 2017 at 5:51 p.m.


1 photo

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

WASHINGTON (AP) — U.S. and Chinese officials on Wednesday wrapped up high-level talks without announcing any breakthroughs on the contentious economic issues that divide them.

The daylong talks at the Treasury Department began with prickly comments from both sides. Chinese Vice Premier Wang Yang said the world's two biggest economies need to cooperate and warned that "confrontation will immediately damage the interests of both."

Treasury Secretary Steven Mnuchin called for Beijing to provide more access to U.S. firms and to help reduce America's trade deficit with China. He blamed the trade gap — $347 billion in goods last year — on "Chinese government intervention in its economy."

After taking office, the Trump administration reached an agreement with China to continue the high-level meetings that were begun in the George W. Bush administration and continued in the Obama administration.

A one-day session on security issues was held last month. The session Wednesday covered economic issues and included Mnuchin, Federal Reserve Chair Janet Yellen, Commerce Secretary Wilbur Ross, U.S. Trade Rep. Robert Lighthizer and President Donald Trump's son-in-law, Jared Kushner, a White House adviser.

In a statement after the meeting, Mnuchin said the two countries agreed to "work cooperatively" to reduce the American trade deficit. Earlier, the two sides had canceled planned news conferences without saying why.

The Trump administration is considering slapping tariffs on steel imports to combat a glut caused largely by massive Chinese production. And Trump has criticized China for not doing enough to pressure North Korea to reign in its nuclear weapons program.

___

AP economics writer Martin Crutsinger contributed to this report.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Photos

Paul Wiseman
    Josh Boak

      SIGN UP FOR THE KSL.COM NEWSLETTER

      Catch up on the top news and features from KSL.com, sent weekly.
      By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

      KSL Weather Forecast