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U.S., China still 'very far apart' on trade - U.S. ambassador

Reuters  |  TOKYO 

By Kihara

(Reuters) - The wants to give a timetable on how it will open up its markets to U.S. exports as the two countries are still "very far apart" on resolving trade frictions, U.S. said on Tuesday.

and have proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains and dent business investment plans.

Earlier this month, a U.S. delegation led by presented with a list of demands to tackle allegations of intellectual property theft and other trade policies considers unfair.

The two countries failed to reach an agreement on the long list of U.S. demands, and decided to resume talks in

Branstad, who was present at the meeting, said the Chinese appeared to be "taken back" by the significance of the list.

"The Chinese have said 'we want to see the specifics.' We gave them all the specifics in terms of trade issues. So they can't say they don't know what we're asking for," he said.

"We're still very far apart," Branstad said, saying that China has not met pledges to open up its insurance and financial services area, as well as reduce auto tariffs.

"There are many areas where China has promised to do but haven't. We want to see a timetable. We want to see these things happen sooner than later," he said at a conference in

Branstad also said U.S. would like to see a "dramatic increase" in to China.

"We'd like to see China being just as open as the United States," he said.

The has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced

The has proposed tariffs on $50 billion of Chinese goods under its "Section 301" probe. Those could go into effect in June following the completion of a 60-day consultation period, but activation plans have been kept vague.

China has said its own retaliatory tariffs on U.S. goods, including soybeans and aircraft, will go into effect if the U.S. duties are imposed.

Branstad said the could rescind the "Section 301" tariffs if China moved forward on opening up its agriculture and auto markets.

"I think it could be adjusted," he said. "It's possible, depending upon how the trade talks go."

Increasing U.S. exports of could also be an area the two countries could agree on as bilateral trade talks resume in Washington this week, he said.

"The United States and China are the two biggest economies in the world. The more we can work things out, the better it's going to be not just for U.S. and China, but for the entire world economy," he said.

(Reporting by Kihara; Editing by and Darren Schuettler)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 09:37 IST
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