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Transcript

00:00:01
>>
NOISE] D
nald Trump's A team of trade experts arrived in Beijing on Thursday. Led by Treasury Secretary, Steve Mnuchin. The US delegation will hold the first big face-to-face talks to try and steer clear of a trade war. Trump tweeted out his support. Quote, our great financial team is trying to negotiate a level playing field.
00:00:23
But experts have told Reuters, don't hold your breath for any big breakthroughs. On the Chinese side, state media said Beijing was ready to stand up to US bullying. Some of Washington's major gripes might not even be up for discussion. Reuters, John Ruich says, that includes a program called Made in China 2025.
00:00:42
>> The Trump administration is unhappy about several things when it comes to doing business with China. One, is the perceived black and respect for intellectual property rights. Second is discrimination against foreign American firms here in China. And that gets to the uneven playing field between Chinese firms and American firms.
00:00:59
And one of the big pieces of that are preferential policies that give Chinese firms a leg up against foreign firms operating here in China. And that's where China 2025 comes in. It's basically one big program to benefit Chinese industry, Chinese companies in ten sectors across the economy.>> China hopes the program will help transform the factory of the world into a world-class tech hub.
00:01:22
It gives a boost to home-grown products from robotics to biotech. But American companies have cried foul, saying that they simply can't compete with local firms backed by Beijing. Trump's tariffs are meant to answer these complaints, but according to one official, China 2025 is not up for negotiation.>> The sectors identified in China 2025 are viewed by the Chinese government as critical to the Chinese economy going forward.
00:01:47
The future of the Chinese economy relies on them.>> Analysts say Beijing might agree to small measures to avoid getting slapped with $50 billion worth of tariffs on its exports.