U.S. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross said on Tuesday (July 18) they will be looking for specific agreements from China this week to further increase access for U.S. companies to China’s growing consumer markets.
At a business lunch before the start of bilateral economic talks in Washington, Mnuchin said he hoped China would lift foreign ownership restrictions in its financial services sector to allow more U.S. participation, and remove barriers to trade in its information and communication technology sector.
Ross said some initial deals announced in April, as part of a 100-day economic plan aimed at reducing the U.S. trade deficit with China, were a “good start.” These include the sale of U.S. beef in China for the first time in 14 years.
The annual bilateral negotiating session, launched in 2006 and rebranded this year as the “U.S.-China Comprehensive Economic Dialogue,” will formally take place on Wednesday (July 19).
