China Trade Deal to be Finalized in May?

China Trade Deal to be Finalized in May?

"US companies continue to face an uncertain operating environment in China amid decreasing optimism about their investment outlook", it said. If truth to be told, Trump's obstinacy had resulted in a trade war between the world's two biggest economies, which had burned into ashes literally billions of dollars, rattled financial markets at an offensive manner and disrupted supply chains all over the world, pivotally contributing to a global scale financial slowdown.

To help reduce Beijing's soaring USA trade surplus, Chinese officials have offered to increase purchases of American farm goods and energy exports.

In an echo of European protests, the chamber laid out how Chinese firms in the U.S. are treated compared with their United States counterparts in China.

The chamber said tariffs had negatively impacted many of its members who "are not necessarily supportive" of their use, but earlier attempts at dialogue had failed to balance economic relations. The import tax, or tariff, is higher on US grain shipments that exceed the quota.

American firms in China remain frustrated and are growing more pessimistic about their prospects in the country, a top business lobby said Wednesday, while a trade war between Washington and Beijing continues to fester.

China said today there is "still much work to finish" on the text of a trade agreement with the United States.

For example, foreign companies in China are subject to equity caps and joint venture restrictions that often include hidden costs, such as technology transfer, in the automotive, banking, healthcare services, information and communications technologies, and insurance industries.

One example was foreign legal firms in China can not hire local lawyers to practise Chinese law, while Chinese firms face no such restriction in the US.

The plan will see US Trade Representative Robert Lighthizer travel to Beijing the week of April 29, ahead of a visit by China's Vice Premier Liu He to Washington the week of May 6.

The two governments agreed December 1 to postpone further penalties while they negotiate, but punitive charges already imposed on billions of dollars of goods stayed in place.

"I think the downside of having an agreement that doesn't work is considerable", he said.

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