China Talks Stalled Over Trump’s Demands on High-Tech Industries

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Enterprise Television- China Talks Stalled Over Trump’s Demands on High-Tech Industries

After the Trump administration demanded that China curtail support for high-technology industries, trade talks between the world’s biggest economies broke down last week.

A Vice Premier overseeing economics and finance, Liu He, told a group of officials that Beijing had rejected a U.S. request to stop subsidizing industries related to its “Made in China 2025” initiative.

The U.S. has accused China of using the policy to force companies into transferring technology in areas like robotics, aerospace and artificial intelligence.

U.S. demands came after Beijing offered to narrow the trade deficit by $50 billion, including by importing more liquefied natural gas, agricultural products, semiconductors and luxury goods.

It is said that the plans also included opening the financial sector at a faster rate and giving U.S. companies more access to China’s booming e-commerce market.

On Monday, Trump signaled that a deal with China was within reach, saying his administration would “probably” resolve a dispute that has tossed financial markets and raised fears of a major clash between the world’s biggest economies.

Xi’s speech on Tuesday lifted stocks in Asia and U.S. equity futures.