China says US trade talks end with 'big differences' as trade war fears loom

Chinese officials have announced that Beijing and Washington have concluded the second day of their sensitive trade talks with "big differences," pointing to a looming trade war between the world’s two largest economies with immeasurable consequences on the global economy.

"Both sides recognize there are still big differences on some issues and that they need to continue to step up their work to make progress," Beijing declared in a statement released Friday by its Xinhua state news agency.

"The two sides exchanged views on expanding US exports to China, trade in services, bilateral investment, protection of intellectual property rights, resolution of tariffs and non-tariff measures," the statement added as quoted in the report.

The discussions, aimed at averting a move towards the impending conflict, came after US President Donald Trump threatened to levy new tariffs on $150 billion of Chinese imports while Beijing shot back with a list of $50 billion in targeted US goods.

The announcement by Beijing followed remarks made earlier on Friday by US Treasury Secretary Steven Mnuchin, saying that the two sides were having "very good conversations."

PressTV-China, US officials meet to avert looming trade war

A US trade delegation has met with senior Chinese officials for a second day in the capital Beijing, in an effort to resolve escalating trade tensions between the two countries.

American officials, however, refused to offer further details of the discussions, according to press reports.

This is while the Chinese statement further noted that the two sides had reached "a consensus in some areas," but did not elaborate. It also said the two countries agreed to establish a "working mechanism" to continue talks.

Friction between the two sides is reportedly highest over China's "Made in China 2025" program, intended to spring China from a maker of sports shoes and denims into high-tech goods.

For Beijing, recent moves by Washington to ban US sales to telecom giant ZTE and the reported launching of a similar probe into another major Chinese telecom company, Huawei, have reinforced the wisdom of the policy.

A spokesperson for China’s Ministry of Commerce said Beijing had taken up the embargo with the American delegation.

"The Chinese side made solemn representations with the US in respect of the ZTE Corporation case" the commerce ministry statement said, noting that the Americans stated that they would relay the issue to US president.

Meanwhile, the current talks may have been informed by the latest trade data out of Washington, demonstrating that the US global trade deficit was tapering in March.

The goods deficit with China fell 11.5 percent from February to $25.8 billion, amid reminders by analysts that seasonal factors such as China's New Year holidays were likely factors.

Bilateral trade in the months ahead could also be damaged by American and Chinese buyers planning to avoid tariffs, with news this week that China may already be slashing its soybean imports from the US.

Soybeans were China's largest import from the US last year, worth $14 billion.

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