U.S. and China to hold crucial trade talks in Washington

美中 경제 대화...'무역 불균형' 격돌 전망 Senior U.S. and Chinese officials will meet later today in Washington,... to discuss a number of economic and trade issues between the two countries. Experts believe the U.S. will drive a hard bargain in an attempt to reduce its trade deficit with China,... with the Trump administration eyeing new tariffs and quotas on a number of Chinese goods. Park Se-young has this report. The first round of the U.S.-China Comprehensive Economic Dialogue,... will kick off on Wednesday in Washington D.C. The discussions will be led by U.S. Treasury Secretary Steven Mnuchin and China's Vice Premier Wang Yang. The meeting is one of four major dialogue mechanisms between the two countries,... that were agreed upon by presidents Trump and Xi during their April summit. Commerce Secretary Wilbur Ross said on Tuesday,... the U.S. was looking to reduce its trade deficit, and secure more commitments from China to open up its market to American goods. "...China's exports to the U.S. as we all know far exceed the exports of the U.S. to China, and the U.S. market has far fewer restrictions on Chinese investment than China has on U.S. investment." ... "Therefore it is time to rebalance our trade and investment relationship in a more fair, equitable and reciprocal direction." According to data, the U.S. deficit with China in the trade of goods... reached a whopping 347 billion dollars last year. Some progress in trade talks, such as opening up the Chinese market to U.S. beef, has been made since presidents Trump and Xi announced a 100-day action plan for economic dialogue, back in April. But with the deadline on that timeframe set to expire on Sunday, many U.S. firms say much more needs to be done. The two sides remain deadlocked on some of their most contentious trade issues, such as the alleged dumping of excess Chinese steel in the U.S. market. Further complicating talks,... is the shadow of North Korea's weapons developments, with tensions mounting between Washington and Beijing over China's perceived inability to rein in the isolated regime. The Trump administration has hinted that China could face sanctions or unfavorable trade terms from the U.S., if it does not exert more pressure on Pyongyang. Park Se-young, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS):   / newsarirang   Homepage: http://www.arirang.com Facebook:   / arirangtv   Twitter:   / arirangworld   Instagram:   / arirangworld