"High on the list of our priorities is an economic relationship that is fair on both sides," Tillerson told reporters at the West Palm Beach Airport as the Chinese President arrived here.
Trump and Xi are to hold a series of meetings here. This is the first meeting between the two leaders.
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Referring to the statement by Trump, Tillerson said the chief goal of US trade policies is the prosperity of the American worker.
"To that end, we will pursue economic engagement with China that prioritises the economic well-being of the American people," he said.
The United States is also looking to make progress with China on areas of foreign policy, those that serve US interest as well as the region's.
"We are hopeful that China will find ways to exercise influence over North Korea's actions to dismantle their nuclear weapons and their missile technology programs," he said.
"Whether it's using their authority on the UN Security Council or utilising new levers of power, China can be part of a new strategy to end North Korea's reckless behaviour and ensure security, stability, and economic prosperity in Northeast Asia," Tillerson said.
At the same time, he said, the US does recognise the challenges China can present to American interests.
The US renews its strong commitments to allies in Asia and around the world who have been valuable partners in preserving shared values and security interest.
"Similarly, the United States will protect our citizens and our institutions against cyber attacks. On other areas of disagreement, such as human rights and religious freedom, the United States will be firm in representing our core democratic values and advocating for the right of all people to live in freedom," he said.
Tillerson said the Trump administration remains dedicated to working with China toward mutual goals of respect, security, and prosperity.
"As we do so, we will not shy away from frank discussions which are necessary to narrow our differences," he said.
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