Bilateral talks held in Washington DC between US and Chinese trade delegates have concluded without reaching an agreement, according to a press release from Shanghai-based investment house Hamilton Crawford.
According to the release, the US has been highly critical of China's $347 billion trade surplus and have been demanding fairer trade that gives its exporters access to Chinese consumers as well as seeking to address the contentious issue of cheap Chinese steel being dumped on global markets, depressing prices and hurting US steel exporters.
“We don't think anyone had any serious hopes that significant headway would be made at such an early stage but the fact that the joint press conference was canceled suggests there are some significant obstacles for both sides to overcome,” said a senior market strategist for Hamilton Crawford.
Referring to the ongoing Section 232 investigation, which could implement substantial tariffs or quotas on steel imports into the US, the strategist added: “Mr. Trump has a penchant for bluster so we don't expect the US to impose tariffs on Chinese goods especially if he wants their help in dealing with errant North Korea.”
However, the investment house maintains an “optimistic view of the future for trade between these two economic powerhouses and expect good news from future meetings.”
In May this year, the US and China reached agreement on a deal that grants credit ratings and credit card companies access to the Chinese market while China lifted its ban on US beef and began accepting LNG (Liquefied Natural Gas) shipments.