The 100-day deadline for creating a plan of action to reduce the USA trade deficit with China expired on Sunday, and the US firms think that much more needs to done in the same process.
On Tuesday, Wang called on the United States to relax export barriers against China and allow the two sides to tap the huge market potential in bilateral trade. There was no sign of agreement on major issues involving trade and USA demands that China open its markets more to American companies.
After a long day of meetings, the USA was only able to claim that "China acknowledged our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve", but the US and Chinese trade representatives failed to agree on how best to alleviate the $347 billion trade deficit that accounts for roughly 70 percent of the US global imbalance, according to the Wall Street Journal.
Eswar Prasad, a professor of trade policy at Cornell University who focuses on China, said domestic politics dynamics on both sides of the relationship are driving conflict.
Chinese analysts said the lack of results from the dialogue was expected as differences between the two sides were great and this was just the first round of 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. However, a meeting with Chinese President Xi Jinping at his Florida resort in April had prompted a change of rhetoric and the launch of a 100-day economic cooperation plan. He added that potential US tariffs on steel could be found illegal by the World Trade Organization.
During last year's presidential campaign, President Donald Trump regularly criticized Chinese trade policy, and China's $300 billion trade surplus with the USA, vowing to take drastic unilateral action - such as across-the-board tariffs - to curb the imbalance.
As the opening ceremony for the daylong talks was winding down, the Treasury Department announced it was canceling a 5 p.m. news conference that had been scheduled for Mr. Ross and Treasury Secretary Steven Mnuchin, the U.S.co-chairmen of the talks.
That in turn "will create prosperity for our two countries and the world", he said. The Asian nation has overproduced steel, and the Trump administration is now considering adding tariffs on steel imports from China.
Shares of United States Steel Corp closed up 4.8 percent, while AK Steel rose 3.6 percent and Nucor rose 2.2 percent.
Potential steel tariffs, which could be announced in the coming weeks, were expected to be a hard topic in the U.S.
Scissors said the United States could try to coordinate sanctions against China by countries that do import Chinese steel.
The U.S. delegation released a short statement late on Wednesday.
"We are disappointed the Comprehensive Economic Dialogue ended at an apparent impasse".
Despite U.S. demands, China continues to bend the rules in order to give its companies an unfair edge over other worldwide competitors.
"There is no limit to the growth of the Chinese market, and China-US business cooperation holds out a promising future", he said.