‘It’s already a problem, not a benefit’: Chinese ambassador to US says cutting trade imbalance is in China’s interest too
Cui Tiankai was less optimistic about Beijing changing its ‘Made in China 2025’ plan to provide support for domestic companies developing advanced technologies
China’s top envoy to the United States said on Friday that he supports negotiations aimed at reducing a US-China trade imbalance, and that it is likely to be successful, striking an optimistic note as officials from both sides met to discuss the issue – and help mend the countries’ ties – in Washington.
“A huge deficit for you and a huge surplus for us – I don’t think this should continue,” Ambassador Cui Tiankai said in a discussion with former US defence secretary William Cohen at the Centre for Strategic and International Studies in Washington.
“I don’t think it will continue. For us, such an imbalance is already a problem rather than a benefit,” he said.
“We need to make more efforts to achieve some kind of a balance in our trade relationship. I’m quite confident that if we have a balanced approach, we can find a solution.”
Cui made his remarks as Chinese economic officials met their US counterparts to lay out a strategy for cutting a record trade imbalance, part of preparations for the next visit by China’s top economic official, Vice-Premier Liu He, to Washington.
Punitive trade tariffs on about US$50 billion worth of annual imports of Chinese machinery, electronics and other products to the US are set to take effect sometime after a period of public review and comment ends on May 22. Beijing responded by announcing tariffs on an equivalent volume of US imports to China.
US President Donald Trump, who ordered Trade Representative Robert Lighthizer to come up with the tariff list last month to cut the US trade deficit with China, has threatened to target an additional US$100 billion worth of Chinese products.
Mid-level officials from China’s commerce ministry are meeting with US treasury and commerce department officials in Washington to settle on a list of measures aimed at lowering the deficit by US$200 billion.