Saturday, 22 September, 2018

China vice premier to visit U.S. for more trade talks

China's trade surplus with the US actually grew in April despite Trump's tough talk World shares mixed as Trump decision on Iran deal approaches | The Modesto Bee
Ray Hunter | 09 May, 2018, 00:55

China's April exports rose 12.9 per cent from a year earlier, beating analysts' forecasts for a 6.3 per cent increase and snapping back from a 2.7 per cent drop in March, which economists believe was heavily distorted by seasonal factors.

Trump has regularly said current trade practices are unfair and hurting American companies and jobs, and has threatened to impose import tariffs to the tune of $150 billion on Chinese goods. Exports amounted to USD200.4 billion.

High-level discussions between the two sides in Beijing last week appeared to make little substantive progress in defusing tensions apart from an agreement to hold more talks.

On Tuesday, China called for United States trade talks to be conducted on an equal footing, as Beijing's top economic official is due in Washington next week for more discussions on a dispute that could trigger tariffs on billions of dollars of goods this month.

China's exports to the United States last month rose 9.7 percent from a year earlier, slowing from a 14.8 percent rise in the first quarter.

23 killed after twin coal mine collapses in Pakistan
The Pakistan Central Mines Labour Federation says that up to 200 mine workers die on average in mine accidents every year. Some labourers are reportedly still trapped under rubble of the mine, which collapsed due to a gas explosion.

China is now embroiled in a months-long brawl with the USA over trade.

"We are working on something that we think will be great for everybody", White House press secretary Sarah Sanders told reporters on Monday without giving further details on the negotiations. President Donald Trump's demands that China slash its surplus with the US have become a cornerstone of his combative economic policy.

That left the country with a trade surplus of $28.78 billion for the month, customs data showed on Tuesday.

The negotiations could head off the threatened U.S. tariffs targeting $150 billion in imports from, while China has warned $50 billion in goods are in the firing line. Last year's merchandise trade surplus totaled $375 billion, according to USA data, while Chinese statistics put it at about $276 billion.

However, last week China said "big differences" remained between the two sides after the first round of talks. China's communist leaders have countered by outlining $50 billion in USA goods that they would target with retaliatory duties.

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