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Commerce Secretary says Trump-Xi talks will address trade imbalances
November 8, 2017 / 10:45 AM / a month ago

Commerce Secretary says Trump-Xi talks will address trade imbalances

BEIJING (Reuters) - Meetings between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing this week will focus on addressing trade imbalances between the two countries, U.S. Commerce Secretary Wilbur Ross said on Wednesday.

(L to R) U.S. Commerce Secretary Wilbur Ross, Chinese Vice Premier Wang Yang and China's Commerce Minister Zhong Shan attend a signing ceremony in Beijing, China, November 8, 2017. REUTERS/Matthew Miller

Ross was speaking at a signing ceremony in the Chinese capital for commercial deals worth about $9 billion on Trump’s visit.

Trump has ratcheted up his criticism of China’s massive trade surplus with the U.S. - calling it “embarrassing” and “horrible” last week - and has accused Beijing of unfair trade practices, fuelling worries of increased tension between the world’s two largest trading countries.

“Addressing the imbalance in China trade has been the central focus of collaborative discussions between President Trump and President Xi and achieving fair and reciprocal treatment for the companies is a shared objective,” Ross said.

Data on Wednesday showed China’s exports to the U.S. rose 8.3 percent in October on the year, while imports grew 4.3 percent. That led to a trade surplus of $26.62 billion with the U.S. last month, down from September’s record $28.08 billion, but higher than recent trends.

U.S. Commerce Secretary Wilbur Ross, speaks at the Conferederation of British Industry's annual conference in London, Britain, November 6, 2017. REUTERS/Mary Turner

Deals signed on Wednesday included a pledge by Chinese ecommerce company JD.com (JD.O) to buy more than $2 billion of food products from the U.S. over three years and a pact for Reignwood International to buy additional helicopters from U.S. firm Bell Helicopter.

While 19 deals were signed on Wednesday, some in the U.S. business community have expressed worry that contract wins could come at the expense of resolving long-standing complaints over market access restrictions in China.

At the ceremony, China’s vice premier Wang Yang said deals signed between China and U.S. firms would “contribute to the stabilization of the general and overall economic relations between the two countries”.

The ceremony was a prelude to a “more important” signing ceremony set for Thursday, he added. Among the companies expected to sign deals on Thursday are Qualcomm, Boeing and Goldman Sachs.

Chinese commerce minister Zhong Shan also attended the event in the Great Hall of the People next to Tiananmen Square.

Reporting by Matthew Miller; Writing by Elias Glenn; Editing by Sam Holmes

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