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Macro · Business
US-China trade talks end with more frictions and no deal in sight
CKN
2019/08/01 06:39:26
1,556
trade talks; the U.S., China, China-US trade war, Purchasing Managers' Index

Aug 01, 2019 (China Knowledge) - A brief round of high-level trade talks between the U.S. and China was held in Shanghai yesterday. The U.S. and China remain differences on how to deal with Chinese state subsidies to domestic companies. Meanwhile, both sides did not reveal further details on issues, such as China's purchases of American farm goods and the US's sanctions relief for Chinese group Huawei Technologies.

China's state-run Xinhua News Agency said the meeting discussed a possible increase in purchases of American agricultural goods by China, and favorable conditions to be offered by Washington. The report made no mention of progress.

Meanwhile, White House press secretary Stephanie Grisham said on Wednesday that China will increase the buying of U.S. agricultural exports, without giving further details.

The U.S. President Donald Trump attacked China on Twitter, saying the country had not bought American agricultural products as promised. After the meeting, China slammed Trump's tweets, calling them completely unjustified, and urged the U.S. to show more sincerity in the talks.

Chinese manufacturers are hurting amid the trade war. According to China's Statistics Bureau, the official Purchasing Managers' Index was 49.7 points in July, rising 0.3 points from June but falling short 50 points for three consecutive months. New Orders Index also fell below 50 for the third month, at 49.8. New Export Orders Index, at 46.9, had a particularly poor performance due to additional U.S. tariffs.

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