washington unite state china fail wednesday agree major new step reduce u.s. trade deficit china cast doubt president donald trump economic security relations beijing annual economic dialogue session washington end cancel news conferences joint statement new announcements u.s. market access china two side frank exchange fail agree major bilateral trade economic issue important unite state senior u.s. official say condition anonymity authorize speak publicly include u.s. demand access china financial service market reduce excess chinese steel capacity reductions auto tariff cut subsidies state-owned enterprises end chinese requirements data localization lift ownership cap foreign firm china official say china acknowledge share objective reduce trade deficit side work cooperatively achieve u.s. treasury secretary steven mnuchin u.s. commerce secretary wilbur ross say brief statement highlight rare point consensus chinese embassy washington cast talk positive light say statement side acknowledge significant progress 100-day talk would work together reduce trade deficit two side expand areas cooperation service increase trade service expand mutual investment create open equitable transparent convenient investment environment embassy say side agree one solutions address trade imbalance unite state expand export china instead reduce import china say chinese vice finance minister zhu guangyao conclusion talk address imbalance china urge unite state remove regulations export control increase export high-tech products china official xinhua news agency cite zhu say china push one-year action plan economic cooperation side discuss zhu say far mar-a-lago session bill follow-up trump first meet chinese president xi jinping mar-a-lago florida estate april trump hail xi cooperation curb threat north korea trump say would lead good trade term china two leaders launch 100-day economic plan produce industry-specific announcements include resumption american beef sales china pledge grant limit u.s. access financial service sectors new initiatives since trump grow increasingly frustrate china lack pressure north korea administration threaten new sanction small chinese bank firm business pyongyang ross mnuchin say u.s. position china trade relationship would guide principles balance fairness reciprocity matter trade continue guide american position give american workers businesses opportunity compete level play field china delegation leader vice premier wang yang leave treasury build without speak reporters early warn confrontation two countries would damage investors interpret negative signal talk lack new trade announcements make likely trump would forge ahead broad steel tariff quotas base national security review send steelmakers share soar share unite state steel corp close 4.8 percent ak steel rise 3.6 percent nucor rise 2.2 percent trump ask reporter white house stock market close whether would impose steel tariff say could happen potential steel tariff could announce come weeks expect difficult topic u.s.-china talk ross blame massive chinese excess capacity global steel glut hurt u.s. producers wednesday deadlock unsettle u.s. business group hop put crack beijing market access barriers obviate aggressive measure white house could destabilize trade tie disappoint comprehensive economic dialogue end apparent impasse important governments take tangible step address long-standing issue ensure commercial relationship remain source stability overall relationship say jacob parker vice president china operations u.s.-china business council even u.s. chinese governments fail agree substantive trade term corporate chief executive officer two countries pledge deepen cooperation joint investment efforts lead blackstone group ceo stephen schwarzman alibaba group ceo jack group 20 executives say commit increase bilateral trade include export u.s. agricultural goods liquefy natural gas consumer products china stable grow economic relationship unite state china mutually beneficial people two countries world schwarzman say statement u.s. china fail agree trade issue cast doubt issue