The United States enjoys a substantial services trade surplus with trading partners, contradicting U.S. President Donald Trump's claim that the latest tariffs are an answer to the country's trade deficit, said Hu Wei, the CEO of Bank of China U.S.A.
In an interview with China Global Television Network (CGTN) on the sidelines of the Harvard College China Forum, which was held at Harvard University from Friday to Sunday, Hu expressed concerns about the U.S. president's tariff policy.
"When we talk about trade, especially open and free trade, definitely, we do believe trade will benefit all of us," he said.
While it is true that the U.S. imports more goods than it exports with many countries, Hu stressed that Trump has overlooked its surplus in the huge range of services it exports such as banking, technology and travel.
"When we talk about trade, traditionally, we just talk about the trade of goods. But actually during the past several years, the trade of services has increased quite fast," he said.
Hu called for urgent dialogues to stop the financial damage created by some of the steepest duties the U.S. has ever imposed.
"You have to understand each other, you have to know what they are thinking, whether they agree and disagree. You have to listen to them and take care of each other's interests," he said.
Under the theme of "Navigating Changing Times", this year's Harvard College China Forum is expected to help forge international cooperation amid the current perilous moment amid conflicts and wars, as well as rising economic uncertainties caused by tariffs.
Founded in 1997, the annual forum is the longest running student-run conference on China in North America. It brings together global leaders from a diverse array of sectors to talk about the most pressing issues impacting China in Boston, Massachusetts every April.
US enjoys huge services trade surplus with trading partners: Bank of China USA CEO
The 10th China-Russia Expo opened on Sunday in Harbin, the provincial capital of Heilongjiang in northeast China, highlighting the resilience, vitality and mutual benefits of China-Russia economic ties.
Held from May 17 to 21, this year's expo covers a floor space of 55,000 square meters, with more than 1,500 companies from 46 countries and regions taking part. Nearly 300 Russian companies are attending, while over 5,000 buyers are expected.
Since 2014, the event has attracted more than 7,200 Chinese and Russian companies and over a million visitors.
The China-Russia Expo is the largest comprehensive exhibition platform between the two countries.
President Xi Jinping and Russian President Vladimir Putin each sent congratulatory letters to the event, encouraging all sectors from both countries to seize the opportunity, make full use of their geographical proximity and economic complementarity, and further expand all-round practical cooperation.
"Leaders of the two countries have signed agreements to deepen practical cooperation, which we fully support. Russia and China stand side by side for common development, benefiting young people and all people. Such cooperation is timely and far-reaching. We are here in Harbin for the China-Russia Expo, coming from Russia's Sakha Republic. Our region is dominated by agriculture. We are seeking advanced farming technologies including irrigation equipment and harvesters. We hope to reach deals in the coming days to boost local development," said Vasiliy Petrovich Alexeev, head of Ust-Aidan Region of the Russian Federation.
"We are greatly inspired by the congratulatory letters from the heads of state of China and Russia. We will keep building targeted and efficient cooperation platforms, and smooth channels for sub-national exchanges between China and Russia," said Chen Shijun, president of Heilongjiang Council for the Promotion of International Trade.
China-Russia trade volume has surpassed 200 billion U.S. dollars for three consecutive years. China has been Russia's largest trading partner for 16 years running.
In the first quarter of this year, bilateral trade volume hit 60 billion U.S. dollars, a year-on-year increase of more than 14 percent.
This year's Expo features eight major exhibition zones. Beyond the exhibition halls, Russian delegations have also conducted field visits to Chinese companies. A delegation from the Republic of Buryatia visited one of northeast China's largest building materials distribution centers to explore potential areas of cooperation.
"Regular China-Russia economic and trade events continuously bring fresh cooperation opportunities for both sides. This field trip to Xilong Building Materials Market has helped us explore more practical directions and modes for bilateral cooperation," said Alexei Tsydenov, head of the Republic of Buryatia of the Russian Federation.
"Relying on Buryatia's abundant mineral resources and sound logistics conditions, we plan to build industrial parks focusing on home building materials, mineral resources and energy sectors in Russia. We will introduce advanced Chinese technologies and management models to drive coordinated industrial upgrading between the two countries," said Wu Jinrong, vice president of Harbin Xilong International Trade and Logistics Park.
From everyday consumer goods to advanced helicopters, and from mineral resources to intelligent robotics, China-Russia cooperation now spans a wide range of sectors. Economic ties and people-to-people exchanges between the two countries continue to advance toward higher-quality development and broader prospects.
China-Russia Expo promotes trust, cooperation, mutual benefit
