A top US trade envoy pressed China's commerce minister yesterday for Beijing's help in reviving faltering global trade talks, a US spokesman said.
US Trade Representative Susan Schwab also appealed to Commerce Minister Bo Xilai (薄熙來) for more action on opening Chinese markets and stamping out the country's rampant product piracy, said her spokesman, Sean Spicer.
The Commerce Ministry made no immediate comment on the meeting.
WTO talks were suspended indefinitely last month after the US, the EU and other major traders failed to agree on a plan to lower barriers to agricultural trade.
China is one of the world's biggest exporters and a huge producer of farm goods. Schwab emphasized the economic stakes for Beijing, and told Bo: "Maybe it's time for China to speak up more," Spicer said.
The Chinese minister made no commitments, but "there was a general agreement that market access is an extremely important component" for both the US and China, Spicer said.
During three hours of talks yesterday morning and then over lunch, Schwab and Bo also discussed US complaints about China's controls on its insurance, auto parts and tourism markets, and Beijing's unhappiness with US export controls on high-tech goods and tightened visa restrictions, Spicer said.
China's thriving black market in unlicensed copies of movies, music and other goods is a key issue for Washington. US officials say such intellectual property rights (IPR) violations cost producers billions of dollars a year in lost sales.
Beijing has launched numerous anti-piracy crackdowns and has toughened penalties, adding jail time for violators. But foreign trade groups say piracy is still widespread and that output of fake goods is rising along with overall growth.
"We still have serious problems with how they address IPR, but there is an acknowledgment that they are taking steps," Spicer said.
Schwab also was due to meet with Chinese insurance regulators.
Last week during a stop in Malaysia, Schwab said WTO talks could be stalled for years without a breakthrough in coming months.
Many WTO member nations want to complete negotiations this year so that a deal can be submitted to the US Congress before next July, when US President George W. Bush's "fast track" authority to propose a trade deal for a yes-or-no vote without amendments runs out.
Named after the Qatari capital where negotiations began in 2001, the Doha round of WTO talks is meant to forge a global trade treaty that will lower trade barriers, with particular emphasis on helping poorer countries develop their economies through export growth.
The US trade deficit with China hit a record-high US$202 billion last year, adding to strains with Washington. It is expected to exceed that this year.
CAUTIOUS RECOVERY: While the manufacturing sector returned to growth amid the US-China trade truce, firms remain wary as uncertainty clouds the outlook, the CIER said The local manufacturing sector returned to expansion last month, as the official purchasing managers’ index (PMI) rose 2.1 points to 51.0, driven by a temporary easing in US-China trade tensions, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The PMI gauges the health of the manufacturing industry, with readings above 50 indicating expansion and those below 50 signaling contraction. “Firms are not as pessimistic as they were in April, but they remain far from optimistic,” CIER president Lien Hsien-ming (連賢明) said at a news conference. The full impact of US tariff decisions is unlikely to become clear until later this month
Popular vape brands such as Geek Bar might get more expensive in the US — if you can find them at all. Shipments of vapes from China to the US ground to a near halt last month from a year ago, official data showed, hit by US President Donald Trump’s tariffs and a crackdown on unauthorized e-cigarettes in the world’s biggest market for smoking alternatives. That includes Geek Bar, a brand of flavored vapes that is not authorized to sell in the US, but which had been widely available due to porous import controls. One retailer, who asked not to be named, because
CHIP DUTIES: TSMC said it voiced its concerns to Washington about tariffs, telling the US commerce department that it wants ‘fair treatment’ to protect its competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reiterated robust business prospects for this year as strong artificial intelligence (AI) chip demand from Nvidia Corp and other customers would absorb the impacts of US tariffs. “The impact of tariffs would be indirect, as the custom tax is the importers’ responsibility, not the exporters,” TSMC chairman and chief executive officer C.C. Wei (魏哲家) said at the chipmaker’s annual shareholders’ meeting in Hsinchu City. TSMC’s business could be affected if people become reluctant to buy electronics due to inflated prices, Wei said. In addition, the chipmaker has voiced its concern to the US Department of Commerce
STILL LOADED: Last year’s richest person, Quanta Computer Inc chairman Barry Lam, dropped to second place despite an 8 percent increase in his wealth to US$12.6 billion Staff writer, with CNA Daniel Tsai (蔡明忠) and Richard Tsai (蔡明興), the brothers who run Fubon Group (富邦集團), topped the Forbes list of Taiwan’s 50 richest people this year, released on Wednesday in New York. The magazine said that a stronger New Taiwan dollar pushed the combined wealth of Taiwan’s 50 richest people up 13 percent, from US$174 billion to US$197 billion, with 36 of the people on the list seeing their wealth increase. That came as Taiwan’s economy grew 4.6 percent last year, its fastest pace in three years, driven by the strong performance of the semiconductor industry, the magazine said. The Tsai