US and China emerge from trade talks without agreement

US and China emerge from trade talks without agreement

The US and China have wrapped up contentious trade talks in Washington without agreement, BBC reports.

The two sides did not issue a joint statement or action plan after the meeting and cancelled scheduled press conferences.

The US was critical of China's trade surplus and demanded "more fair" trade arrangements.

Separately, US President Donald Trump indicated that tariffs on Chinese steel were still a possibility.

Massive trade surplus

In his opening remarks to the annual US-China Comprehensive Economic Dialogue, US Commerce Secretary Wilbur Ross criticised China's $347bn (£266bn) trade surplus with the US, saying it was not the product of market forces.

In a brief statement after the talks, Mr Ross and US Treasury Secretary Steven Mnuchin offered few details and little indication of any progress on contentious issues.

"China acknowledged our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve," the statement said.