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The U.S. and China wrap up first day of trade talks

Credit: Reuters Studio
Published 2 weeks ago - Duration: 00:57s

The U.S. and China wrap up first day of trade talks

Chinese Vice Premier Liu He departs after the first day of talks with the U.S. Trade negotiations have gone forward even as the U.S. gets ready to hike tariffs on good imported from China.

Rough cut (no reporter narration).

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The U.S. and China wrap up first day of trade talks

(ROUGH CUT - NO REPORTER NARRATION) Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday (May 9) to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

Tension between Washington and Beijing has risen after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet U.S. demands for trade reform.

President Donald Trump responded by ordering a tariff hike, and China has said it would retaliate.

The 10-month-old trade war has already cost companies in both countries billions of dollars.

Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin talked for 90 minutes on Thursday and were expected to resume talks on Friday.

Officials did not speak to reporters as they left the talks.

Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 percent from 10 percent.

The duties apply to cargoes leaving China after 12:01 a.m.

EDT (0401 GMT) Friday.

Consumer products, including cell phones, computers, clothing and toys, are to be especially hard hit.

Trump on Thursday took aim at the $325 billion in Chinese goods that are so far untouched by the trade war, saying he was "starting ... paperwork today" to tax those with a punitive tariff of 25 percent.

Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting U.S. manufacturing, accused Beijing of reneging on commitments made during months of negotiations.

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