China trade talks to continue in DC

China trade talks to continue in DC

"We believe this shows the United States wishes to reach a consensus with China on trade issues", ministry spokesman Geng Shuang said at a regular press briefing.

China's April exports rose 12.9 per cent from a year earlier, beating analysts' forecasts for a 6.3 per cent increase and snapping back from a 2.7 per cent drop in March, which economists believe was heavily distorted by seasonal factors.

USA officials led by Treasury Secretary Steven Mnuchin visited Beijing last week for negotiations with the Chinese government, but the meeting appeared to yield little except an agreement that the two powers would continue to communicate despite "big differences" between them.

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The row has fuelled worries about a trade war between the economic superpowers that has the potential to hammer the global economy.

The negotiations could head off the threatened United States tariffs targeting $150bn in imports, while China has warned $50bn in goods are in the line of fire. China's top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday. In addition, the USA president wants sharply lower import tariffs for U.S. goods and a cut in Chinese state subsidies for advanced technologies. Last year's merchandise trade surplus totaled $375 billion, according to US data, while Chinese statistics put it at about $276 billion.

China's imports from the U.S. climbed 11.6 percent between January and April, which however wasn't enough to offset a 13.9-percent rise in exports to that country.

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The meetings follow a series of tit-for-tat threats of tariffs on billions of dollars of goods sparked earlier this year by US President Donald Trump, who accuses China of using unfair practices to gain an advantage over US exporters costing American jobs.

At the same time, imports growth accelerated to 21.5% from 14.4% in the previous month.

China's crude oil imports reached record highs in April on a daily basis, according to customs data, with independent refiners shipping in backlogs of cargoes from the previous month and making new purchases amid steady refining margins.

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