Transcripts

The U.S./China Trade Talks End in D.C.

SUSIE GHARIB: U.S. and Chinese leaders wrapped up two days of talks in Washington today with several economic agreements. But officials from the two countries failed to make progress on other prickly trade issues. As Stephanie Dhue reports, the U.S. continues to press the Chinese to do more.

STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Treasury Secretary Henry Paulson and Chinese Vice Premiere Wu Yi found some common ground, agreeing that China must continue to open its economy. To that end, China agreed to double the number of daily passenger flights from the U.S. to China over the next five years, let foreign banks expand brokerage trading and promote clean coal technologies. Treasury Secretary Paulson called the moves a positive step.

HENRY PAULSON, TREASURY SECRETARY: While we have much more work to do, we have tangible results for our efforts thus far. These results are like signposts on the long-term strategic road, building confidence and encouraging us to continue moving forward together.

DHUE: Chinese Vice Premiere Wu Yi hailed the strategic economic dialog as a complete success and the best way to handle trade tensions.

TRANSLATION OF: WU YI, VICE PREMIER, CHINA: It call for direct consultation and dialog between us instead of easy resort to threat or sanctions.

DHUE: But U.S. lawmakers, frustrated by the huge trade imbalance, are still pushing forward with legislation. There are now half a dozen bills aimed at China, including one sponsored by Senator Jim Bunning, to penalize the Asian nation for manipulating its currency.

SEN. JIM BUNNING (R) KENTUCKY: China's extraordinary level of intervention is not only a barrier to trade, it is a growing danger to the global economy and one that Congress is obliged to address.

DHUE: Members of Congress are meeting with Chinese leaders tonight and tomorrow. The message is clear. Lawmakers want action now on currency and market opening reform. Stephanie Dhue, NIGHTLY BUSINESS REPORT, Washington.