United States official says China trade talks 'went just fine'

Anna Jefferson
January 10, 2019

Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration.

Additionally, the US and China will meet for a third day on Wednesday.

China - Pyongyang's sole diplomatic ally and main source of trade - said it would not use Kim's visit as a bargaining chip in the USA trade talks.

The U.S. economy grew at an annual rate of 3.4 per cent in the third quarter and unemployment is at a five-decade low. -China relationship for years.

"It certainly has hurt the Chinese economy", Ross told CNBC, noting that China exports many more goods to the United States than the other way around. Trump has said he would increase those duties to 25 percent if no deal is reached by March 2, and has threatened to tax all imports from China if Beijing fails to cede to US demands.

A senior Chinese official said Beijing plans to introduce policies to boost domestic spending on items such as autos and home appliances this year. "We are moving towards a more balanced and reciprocal trade agreement with China".

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The paper said in an editorial that the dispute harms both countries and disrupts the global trade order and supply chains. Media reports, citing U.S. officials, have said that the talks were still underway on Wednesday.

There has been some indication of Chinese moves to address concerns regarding forced technology transfer, including recently proposed legislation that would bar local governments from forcing foreign firms to transfer technology or illegally restrict market access.

But Sanders said no one knows yet what that agreement will look like or when it will be ready.

"Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off", Mizuho Bank's Vishnu Varathan said in a report. "We expect something will come out of this".

Jon Cowley, a senior lawyer at Baker McKenzie's worldwide commercial and trade practice group, said he expected that negotiators may have put together a framework for an agreement, but that existing tariffs would not be fully eliminated unless China met the United States "all the way".

While the hosts indicated the talks would run Monday and Tuesday, the editor-in-chief of the Chinese state-run Global Times newspaper said in a tweet the discussions could continue Wednesday. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

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Lu Kang, China's foreign ministry spokesman, confirmed at a press briefing that the talks had ended and said that more details would be released soon.

The talks that started Monday were the first face-to-face meetings since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further action against each other's imports for 90 days while they negotiate over US complaints that Beijing steals or pressures companies to hand over technology.

The U.S. -China trade war began when Trump imposed a 25 percent tariff on $50 billion worth of Chinese goods last July and August.

U.S. Commerce Secretary Wilbur Ross expressed optimism on Monday, telling CNBC that "there's a very good chance that we'll get a reasonable settlement".

Negotiators appeared to make more progress on areas such as plans by China to step up purchases of American exports, while giving United States companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

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