U.S., China fail to agree on trade issues, casting doubt on other issuesWASHINGTON (Reuters) - The United States and China failed on Wednesday to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump’s economic and security relations with Beijing.  The annual economic dialogue session in Washington ended with canceled news conferences, no joint statement and no new announcements on U.S. market access to China. The two sides had a “frank exchange” but failed to agree on most major bilateral trade and economic issues that were important to the United States, a senior U.S. official said on condition of anonymity because he was not authorized to speak publicly. These included U.S. demands for access to China’s financial services markets, reducing excess Chinese steel capacity, reductions in auto tariffs, cutting subsidies for state-owned enterprises, ending Chinese requirements for data localization and lifting ownership caps for foreign firms in China, the official said. “China acknowledged our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve,”     U.S. Treasury Secretary Steven Mnuchin and U.S. Commerce Secretary Wilbur Ross said in a brief statement, highlighting a rare point of consensus. The Chinese embassy in Washington cast the talks in a positive light, saying in a statement that both sides had acknowledged “significant progress” on the 100-day talks and would to work together to reduce the trade deficit. “The two sides will expand areas of cooperation in services and increase trade in services; expand mutual investment, and create a more open, equitable, transparent and convenient investment environment,” the embassy said. Both sides agreed that one of the solutions to address the trade imbalance is for the United States to expand exports to China, instead of reducing imports from China, said Chinese Vice Finance Minister Zhu Guangyao after the conclusion of the talks. To address the imbalance, China has been urging the United States to remove regulations on export control and increase the exports of high-tech products to China, the official Xinhua news agency cited Zhu as saying.  China will push for this in a one-year action plan for economic cooperation which both sides discussed, Zhu said.  FAR FROM MAR-A-LAGO The session had been billed as a follow-up to Trump’s first meeting with Chinese President Xi Jinping at his Mar-A-Lago, Florida, estate in April when Trump hailed Xi’s cooperation in curbing the threat from North Korea. Trump said that this would lead to better trade terms for China. The two leaders launched a 100-day economic plan that has produced some industry-specific announcements, including the resumption of American beef sales in China and pledged to grant limited U.S. access to some financial services sectors. But there have been no new initiatives since, and Trump has grown increasingly frustrated with China’s lack of pressure on North Korea. His administration has threatened new sanctions on small Chinese banks and other firms doing business with Pyongyang.  Ross and Mnuchin said the U.S. position on the China trade relationship would be guided by “the principles of balance, fairness, and reciprocity on matters of trade will continue to guide the American position so we can give American workers and businesses an opportunity to compete on a level playing field.” China’s delegation leader, Vice Premier Wang Yang, left the Treasury building without speaking to reporters. Earlier, he had warned that confrontation between the two countries would be damaging. Investors interpreted the negative signals from the talks and lack of new trade announcements as making it more likely that Trump would forge ahead with broad steel tariffs or quotas based on a national security review, sending steelmakers’ shares soaring. Shares of United States Steel Corp closed up 4.8 percent, while AK Steel rose 3.6 percent and Nucor rose 2.2 percent. Trump, asked by a reporter at the White House after the stock market closed whether he would impose steel tariffs, said: “Could happen.” Potential steel tariffs, which could be announced in the coming weeks, were expected to be a difficult topic in the U.S.-China talks. Ross has blamed massive Chinese excess capacity for a global steel glut that is hurting U.S. producers. Wednesday’s deadlock was unsettling for U.S. business groups that had hoped to put more cracks in Beijing’s market access barriers and obviate more aggressive measures from the White House that could destabilize trade ties. “We are disappointed the Comprehensive Economic Dialogue ended at an apparent impasse. It is important for governments to take tangible steps to address long-standing issues and ensure the commercial relationship remains a source of stability in the overall relationship,” said Jacob Parker, vice president of China operations at the U.S.-China Business Council.  Even if the U.S. and Chinese governments fail to agree on more substantive trade terms, corporate chief executive officers from the two countries pledged to deepen their cooperation and joint investment efforts. Led by Blackstone Group CEO Stephen Schwarzman and Alibaba Group CEO Jack Ma, a group of 20 executives said they were committing to increase bilateral trade, including the export of U.S. agricultural goods, liquefied natural gas and consumer products to China. “A stable, growing economic relationship between the United States and China is mutually beneficial to the people of our two countries and for the world,” Ma and Schwarzman said in a statement. politicsNews
china fail agree trade issues casting doubt issueswashington reuters the united states china failed wednesday agree major new steps reduce trade deficit china casting doubt president donald trump economic security relations beijing the annual economic dialogue session washington ended canceled news conferences joint statement new announcements market access china the two sides frank exchange failed agree major bilateral trade economic issues important united states senior official said condition anonymity authorized speak publicly these included demands access china financial services markets reducing excess chinese steel capacity reductions auto tariffs cutting subsidies enterprises ending chinese requirements data localization lifting ownership caps foreign firms china official said china acknowledged shared objective reduce trade deficit sides work cooperative achieve treasury secretary steven mnuchin commerce secretary wilbur ross said brief statement highlighting rare point consensus the chinese embassy washington cast talks positive light saying statement sides acknowledged significant progress talks would work together reduce trade deficit the two sides expand areas cooperation services increase trade services expand mutual investment create open equitable transparent convenient investment environment embassy said both sides agreed one solutions address trade imbalance united states expand exports china instead reducing imports china said chinese vice finance minister zhu guangyao conclusion talks to address imbalance china urging united states remove regulations export control increase exports products china official lingua news agency cited zhu saying china push action plan economic cooperation sides discussed zhu said far from the session billed trump first meeting chinese president xi winning florida estate april trump hailed xi cooperation curling threat north korea trump said would lead better trade terms china the two leaders launched economic plan produced announcements including resumption american beef sales china pledged grant limited access financial services sectors but new initiatives since trump grown increasingly frustrated china lack pressure north korea his administration threatened new sanctions small chinese banks firms business pyongyang ross mnuchin said position china trade relationship would guided principles balance fairness reciprocity matters trade continue guide american position give american workers businesses opportunity compete level playing china delegation leader vice premier wang yang left treasury building without speaking reporters earlier warned confrontation two countries would damaging investors interpreted negative signals talks lack new trade announcements making likely trump would forge ahead broad steel tariffs quotas based national security review sending steelmakers shares soaring shares united states steel corp closed percent ak steel rose percent nuco rose percent trump asked reporter white house stock market closed whether would impose steel tariffs said could potential steel tariffs could announced coming weeks expected difficult topic talks ross blamed massive chinese excess capacity global steel gut hurting producers wednesday deadlock unsettling business groups hoped put cracks beijing market access barriers ovate aggressive measures white house could stabilize trade ties we disappointed comprehensive economic dialogue ended apparent impasse it important governments take tangible steps address issues ensure commercial relationship remains source stability overall relationship said jacob parker vice president china operations business council even chinese governments fail agree substantive trade terms corporate chief executive officers two countries pledged deepen cooperation joint investment efforts led blackstone group ceo stephen schwarzman alabama group ceo jack ma group executives said committing increase bilateral trade including export agricultural goods liquefied natural gas consumer products china a stable growing economic relationship united states china mutually beneficial people two countries world ma schwarzman said statement politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S., China fail to agree on trade issues, casting doubt on other issuesWASHINGTON (Reuters) - The United States and China failed on Wednesday to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump’s economic and security relations with Beijing.  The annual economic dialogue session in Washington ended with canceled news conferences, no joint statement and no new announcements on U.S. market access to China. The two sides had a “frank exchange” but failed to agree on most major bilateral trade and economic issues that were important to the United States, a senior U.S. official said on condition of anonymity because he was not authorized to speak publicly. These included U.S. demands for access to China’s financial services markets, reducing excess Chinese steel capacity, reductions in auto tariffs, cutting subsidies for state-owned enterprises, ending Chinese requirements for data localization and lifting ownership caps for foreign firms in China, the official said. “China acknowledged our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve,”     U.S. Treasury Secretary Steven Mnuchin and U.S. Commerce Secretary Wilbur Ross said in a brief statement, highlighting a rare point of consensus. The Chinese embassy in Washington cast the talks in a positive light, saying in a statement that both sides had acknowledged “significant progress” on the 100-day talks and would to work together to reduce the trade deficit. “The two sides will expand areas of cooperation in services and increase trade in services; expand mutual investment, and create a more open, equitable, transparent and convenient investment environment,” the embassy said. Both sides agreed that one of the solutions to address the trade imbalance is for the United States to expand exports to China, instead of reducing imports from China, said Chinese Vice Finance Minister Zhu Guangyao after the conclusion of the talks. To address the imbalance, China has been urging the United States to remove regulations on export control and increase the exports of high-tech products to China, the official Xinhua news agency cited Zhu as saying.  China will push for this in a one-year action plan for economic cooperation which both sides discussed, Zhu said.  FAR FROM MAR-A-LAGO The session had been billed as a follow-up to Trump’s first meeting with Chinese President Xi Jinping at his Mar-A-Lago, Florida, estate in April when Trump hailed Xi’s cooperation in curbing the threat from North Korea. Trump said that this would lead to better trade terms for China. The two leaders launched a 100-day economic plan that has produced some industry-specific announcements, including the resumption of American beef sales in China and pledged to grant limited U.S. access to some financial services sectors. But there have been no new initiatives since, and Trump has grown increasingly frustrated with China’s lack of pressure on North Korea. His administration has threatened new sanctions on small Chinese banks and other firms doing business with Pyongyang.  Ross and Mnuchin said the U.S. position on the China trade relationship would be guided by “the principles of balance, fairness, and reciprocity on matters of trade will continue to guide the American position so we can give American workers and businesses an opportunity to compete on a level playing field.” China’s delegation leader, Vice Premier Wang Yang, left the Treasury building without speaking to reporters. Earlier, he had warned that confrontation between the two countries would be damaging. Investors interpreted the negative signals from the talks and lack of new trade announcements as making it more likely that Trump would forge ahead with broad steel tariffs or quotas based on a national security review, sending steelmakers’ shares soaring. Shares of United States Steel Corp closed up 4.8 percent, while AK Steel rose 3.6 percent and Nucor rose 2.2 percent. Trump, asked by a reporter at the White House after the stock market closed whether he would impose steel tariffs, said: “Could happen.” Potential steel tariffs, which could be announced in the coming weeks, were expected to be a difficult topic in the U.S.-China talks. Ross has blamed massive Chinese excess capacity for a global steel glut that is hurting U.S. producers. Wednesday’s deadlock was unsettling for U.S. business groups that had hoped to put more cracks in Beijing’s market access barriers and obviate more aggressive measures from the White House that could destabilize trade ties. “We are disappointed the Comprehensive Economic Dialogue ended at an apparent impasse. It is important for governments to take tangible steps to address long-standing issues and ensure the commercial relationship remains a source of stability in the overall relationship,” said Jacob Parker, vice president of China operations at the U.S.-China Business Council.  Even if the U.S. and Chinese governments fail to agree on more substantive trade terms, corporate chief executive officers from the two countries pledged to deepen their cooperation and joint investment efforts. Led by Blackstone Group CEO Stephen Schwarzman and Alibaba Group CEO Jack Ma, a group of 20 executives said they were committing to increase bilateral trade, including the export of U.S. agricultural goods, liquefied natural gas and consumer products to China. “A stable, growing economic relationship between the United States and China is mutually beneficial to the people of our two countries and for the world,” Ma and Schwarzman said in a statement. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: china fail agree trade issues casting doubt issueswashington reuters the united states china failed wednesday agree major new steps reduce trade deficit china casting doubt president donald trump economic security relations beijing the annual economic dialogue session washington ended canceled news conferences joint statement new announcements market access china the two sides frank exchange failed agree major bilateral trade economic issues important united states senior official said condition anonymity authorized speak publicly these included demands access china financial services markets reducing excess chinese steel capacity reductions auto tariffs cutting subsidies enterprises ending chinese requirements data localization lifting ownership caps foreign firms china official said china acknowledged shared objective reduce trade deficit sides work cooperative achieve treasury secretary steven mnuchin commerce secretary wilbur ross said brief statement highlighting rare point consensus the chinese embassy washington cast talks positive light saying statement sides acknowledged significant progress talks would work together reduce trade deficit the two sides expand areas cooperation services increase trade services expand mutual investment create open equitable transparent convenient investment environment embassy said both sides agreed one solutions address trade imbalance united states expand exports china instead reducing imports china said chinese vice finance minister zhu guangyao conclusion talks to address imbalance china urging united states remove regulations export control increase exports products china official lingua news agency cited zhu saying china push action plan economic cooperation sides discussed zhu said far from the session billed trump first meeting chinese president xi winning florida estate april trump hailed xi cooperation curling threat north korea trump said would lead better trade terms china the two leaders launched economic plan produced announcements including resumption american beef sales china pledged grant limited access financial services sectors but new initiatives since trump grown increasingly frustrated china lack pressure north korea his administration threatened new sanctions small chinese banks firms business pyongyang ross mnuchin said position china trade relationship would guided principles balance fairness reciprocity matters trade continue guide american position give american workers businesses opportunity compete level playing china delegation leader vice premier wang yang left treasury building without speaking reporters earlier warned confrontation two countries would damaging investors interpreted negative signals talks lack new trade announcements making likely trump would forge ahead broad steel tariffs quotas based national security review sending steelmakers shares soaring shares united states steel corp closed percent ak steel rose percent nuco rose percent trump asked reporter white house stock market closed whether would impose steel tariffs said could potential steel tariffs could announced coming weeks expected difficult topic talks ross blamed massive chinese excess capacity global steel gut hurting producers wednesday deadlock unsettling business groups hoped put cracks beijing market access barriers ovate aggressive measures white house could stabilize trade ties we disappointed comprehensive economic dialogue ended apparent impasse it important governments take tangible steps address issues ensure commercial relationship remains source stability overall relationship said jacob parker vice president china operations business council even chinese governments fail agree substantive trade terms corporate chief executive officers two countries pledged deepen cooperation joint investment efforts led blackstone group ceo stephen schwarzman alabama group ceo jack ma group executives said committing increase bilateral trade including export agricultural goods liquefied natural gas consumer products china a stable growing economic relationship united states china mutually beneficial people two countries world ma schwarzman said statement politicsnews