U.S. asks China to reduce trade imbalance immediately
U.S. Treasury Secretary Steven Mnuchin waves to the media as he and the U.S. delegation for trade talks with China. (REUTERS/Jason Lee)
The U.S. trade delegation in China for talks has put its cards on the table in Friday’s meeting.
The U.S. delegation led by Treasury Secretary Steven Mnuchin, wants China to cut the trade imbalance immediately and to stop subsidizing advanced technology, citing a document confirmed by Fox Business.
The document says the U.S. delegation asked the Chinese to cut their trade surplus with the United States by $200 billion by 2020 and also put together a list of other demands.
In state-run media reports, the Chinese say the two delegations have reached a consensus on some issues but “big differences” remain.
They say the two sides have agreed to maintain close communication.
The first round of threatened tariffs by the U.S. focused heavily on technology products.
The U.S. tariffs could go into effect in June following the completion of a 60-day consultation period.
China has threatened retaliation with tariffs on U.S. soybeans and aircraft.
FOX Business’ Connell McShane contributed to this article.