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US reportedly lays down a list of trade demands to China

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In a tweet posted Friday, Lingling Wei, a China economics correspondent at the Wall Street Journal, said the U.S asked China to reduce its trade surplus by at least $200 billion by year-end 2020, citing a document issued to the Chinese before the talks.

President Donald Trump has often called on China to reduce its bilateral trade deficit by $100 billion a year.

The U.S. trade envoy also wanted China not to target U.S. farmers and agricultural products and sought assurances from the Asian giant that it would not retaliate over restrictions on investments from Beijing, Wei said.

The U.S. Commerce Department was not immediately available for comment when contacted by CNBC on Friday.

In response to the U.S. demands, China offered to lower duties on goods such as cars in an effort to resolve an escalating trade dispute with Washington, Reuters reported citing two sources with knowledge of the matter.

China also reportedly asked the U.S. to treat investments from Beijing equally in its national security reviews and stop issuing new restrictions on investments.

Ahead of Friday’s talks, Mnuchin said U.S. trade officials were having “very good conversations” with their Chinese counterparts.

Shortly before Mnuchin’s arrived in China on Thursday, Trump tweeted: “Our great financial team is in China trying to negotiate a level playing field on trade! I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship!”

It was not immediately clear when Trump and Chinese President Xi Jinping will next meet, although both global players are set to attend some of the same multilateral events later this year — including the G-20 Summit and APEC.



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Australia Treasurer Josh Frydenberg on relationship with China

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The national flags of Australia and China are displayed before a portrait of Mao Zedong facing Tiananmen Square.

Frederic J. Brown | AFP via Getty Images

SINGAPORE — Australia will continue advocating for its national interests but would like to see strained relations with China improve, Australian Treasurer Josh Frydenberg said Monday.

“The China-Australia trading relationship is … very important,” Frydenberg told CNBC’s Will Koulouris. “It’s mutually beneficial. Our resources have helped underpin China’s economic growth and we welcome that.”

“At the same time, China has been a very important market for Australia and our exports to China has helped boost incomes here in Australia – been an important source of revenue and job creation,” Frydenberg told CNBC, as part of the network’s coverage of the Davos Agenda.

The relationship between the two major trading partners deteriorated last year when Australia supported a call for an international inquiry into China’s handling of Covid-19, which was first reported in the Chinese city of Wuhan.

… historically, we’ve had a very good partnership with China and we’d like to see that continue

Josh Frydenberg

Australian treasurer

Bottles of wine imported from Australia are displayed for sale at a supermarket on November 27, 2020 in Hangzhou, Zhejiang Province of China.

Long Wei | VCG | Getty Images

For his part, Frydenberg said Australia has a clear sense of its own national interests in areas of security, foreign investments as well as human rights.

“We’ll continue to advocate and speak up for Australia’s national interest but that shouldn’t preclude, again, strong relationships in the region and historically, we’ve had a very good partnership with China and we’d like to see that continue,” he added.

U.S. and its ‘indispensable’ role

Frydenberg said his government is looking forward to working with America’s new President Joe Biden and explained that the strength of the Australia-U.S. alliance doesn’t depend on which leader is in power in either country.

“The relationship has been strong and enduring — based on mutual respect, based on shared values and, certainly, shared interests,” he said, adding that the United States has an “indispensable role in our part of the world, in the Asia-Pacific.”

We’re looking forward to a very constructive relationship between the U.S. and Australia and it’s one that is critically important, not just to Australia but to the United States.

Josh Frydenberg

Australian treasurer

Under former President Donald Trump, the U.S. appeared to be retreating from a position of influence in the Asia-Pacific region.

Trump withdrew the U.S. from the Trans-Pacific Partnership agreement and Washington did not take part in the massive Regional Comprehensive Economic Partnership — signed by China and 14 other Asia-Pacific countries that would account for about 30% of the population worldwide, and global economy.

“We’re looking forward to a very constructive relationship between the U.S. and Australia and it’s one that is critically important, not just to Australia but to the United States as well,” Frydenberg said.

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Biden’s stimulus may be too big amid economic recovery, should be targeted at those most impacted

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