United States and China to hold Round 2 of trade talks next week

Clay Curtis
May 8, 2018

"We are working on something that we think will be great for everybody", White House spokeswoman Sarah Sanders told reporters.

Imports in April also showed robust growth of 22% from previous year, up to USD171.7 billion.

The NBS said exports grew by 12.9% in United States dollar terms, recovering from a 2.7% drop in the year to March which was partially driven by Lunar New Year holiday effects.

China called on the USA to cease its "section 301" investigation into China's trade and industrial policies, and to lift restrictions on high-technology exports to China.

The NBS said China's trade surplus with the United States rose to $22.19 billion from $15.43 billion in March, leaving the cumulative surplus in the first four months of the year at $80.4 billion. A statement from the White House described the discussions as "frank".

Those included slashing the USA trade deficit with China by $200 billion, cutting tariffs and eliminating subsidies for advanced technology, according to people familiar with the demands.

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Imports and exports grew by 21.5% and 12.9% respectively in USA dollar terms over the year.

Import growth also breezed past expectations, jumping by 21.5% from 12 months earlier.

That left China with a trade surplus of $28.78 billion for the month, compared with forecasts for a $24.7 billion surplus in April and a rare deficit of $4.98 billion in March.

Companies in both countries have said that they are adjusting business plans and becoming more cautious in the face of the worsening trade environment and the threat of more tariffs.

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