The United States asked China last week to cut the tariff on U.S. autos, buy more U.S.-made semiconductors and give U.S. firms greater access to the Chinese financial sector, according to the Wall Street Journal.
Furthermore, the U.S. is pressing China to cut restrictions on financial businesses, notably Beijing’s requirement that they operate as joint ventures under which U.S. companies are limited to 51% ownership.
Related: The Outlook for China
The U.S. floated plans to enact tariffs, investment restrictions and other measures aimed at addressing the $375 billion merchandise trade deficit with China, which destabilized global markets last week.
“If they open up their markets, it is an enormous opportunity for U.S. companies,” Treasury Secretary Steven Mnuchin told Fox News Sunday. “I am cautiously hopeful we reach an agreement, but if not we are proceeding with these tariffs.”
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