President Donald Trump has insisted that the countries reduce the $370 billion trade deficit with China by $200 billion.
Today begins three days of trade hearings in which United States corporations will make their case against President Trump's proposed $50 billion in tariffs on Chinese imports. It would reduce USA gross domestic product by almost 3 billion dollars and destroy 134,000 American jobs annually, according to a new study recently released by the federation and the Consumer Technology Association.
Trump has long-promised to crack down on China and raised concerns about an all-out trade war after threatening $150 billion in tariffs and prompting China to retaliate.
Ikenson said the administration's focus on the $200 billion was "silly", adding that if the US accepts China's offer to import more goods, Trump can "claim mission accomplished and turn the page". China counterpunched with tariffs on a range of USA products, including bourbon and blue jeans. "Stay tuned!" Trump tweeted on Tuesday.
The first round of trade talks between China and the USA took place in Beijing on May 3 to 4.
Washington listed the items from China it proposes will be hit with an additional duty of 25% but within hours, Beijing hit back, announcing its own plans to levy a 25% tariff on United States imports that included beef, soybeans and whiskey.
"We're still very far apart", he said.
The financial news headlines have been dominated by articles related to China in recent months. "So they can't say they don't know what we're asking for", he said.
One area the world's two most powerful economies likely won't be able to address during discussions this week is China's practice of what is known as technology mercantilism, in which it distorts policies and systems in order to expand domestic technology production.
Despite now ceasing main business operations, China's second biggest telecom equipment maker is still trying to have the ban modified or reversed.