USA and China will try to hash out differences on economy

US and China begin Comprehensive Economic Dialogue

US seeks targeted commitments from China on market access

The dialogue "charted the course for China-U.S. economic cooperation", said a statement from the Chinese delegate who participated in the one-day talks on Wednesday.

If China truly opens its internet and financial markets, American companies are highly competitive.

The Chinese government also canceled its planned news conference, without offering an explanation.

The US launched its first round of trade talks with China since Donald Trump took office in an unusually blunt manner Wednesday, demanding a more "fair, equitable and reciprocal" relationship, with more access for American-made goods and services.

Following Trump's first meeting with Chinese President Xi Jinping in April, both sides agreed to advance US-China economic cooperation with a 100-day action plan under the framework of the US-China Comprehensive Economic Dialogue.

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It was unclear whether the talks covered U.S. demands for China to put more pressure on North Korea over its nuclear and missile program. He has suggested that the personal bond he formed with Xi when the two met April 6-7 at Trump's Mar-a-Lago resort can overcome fundamental differences on trade and national security.

These issues included demands by the USA for access to the financial services industry in China, reducing excess steel capacity by China, reductions in tariffs on autos, cutting subsidies for businesses that are state-owned, ending requirements by China for localization of data and lifting caps on ownership for foreign companies in China, the official added.

Treasury Secretary Steven Mnuchin said the talks with the Chinese delegation, led by Vice-Premier Wang Yang, would focus on concrete steps to provide greater access and a "level playing field" for United States companies to the world's second-largest market.

The People's Daily op-ed outlined the political chaos that is prevailing in the US and dubbed it a failed system.

That in turn "will create prosperity for our two countries and the world", he said.

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Mr Trump has previously signalled that China might obtain improved trade terms in exchange for help on North Korea.

The U.S.is considering tougher steel tariffs on Chinese steel exports, which have been dragging down steel prices globally and hurting other competitors, and in the wake of this largely unsuccessful meeting, the U.S. may pursue a even harsher policies to protect U.S. interests at home and overseas. He blamed the trade gap - $347 billion in goods previous year - on "Chinese government intervention in its economy".

China also agreed to lift its ban on United States beef imports and accept U.S. shipments of liquefied natural gas. But lurking in the background, China's cybersecurity law may be the single biggest issue for the US business community in China. "Indeed, America is making China 'great again.' Once the world's model, the great American meltdown has turned the USA into some freakish soap opera". "But this is only possible if there is a more fair and balanced economic relationship between the USA and China", Mnuchin added. But only 4 percent of China's integrated circuit imports came from the US.

China and the United States are each other's largest trading partner. "China relationship than we've seen in years", Dollar says.

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