Thursday, 24 January, 2019

China says trade talks with USA were extensive, promoted mutual understanding

China optimistic as trade negotiations with US kick off China Promised The US A Lot On Trade, And Trump Team Is Holding Its Feet To The Fire To Follow Through
Priscilla Morrison | 12 January, 2019, 02:40

Still, the USA statement said the negotiations dealt with the need for any deal with China to be "subject to ongoing verification and effective enforcement" - a comment that reflects US frustration that the Chinese have failed to live up to past commitments.

Both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern, said the statement.

He said it was hard to be optimistic about this first round of talks.

On Wall Street, the trade optimism led to the Dow Jones index closed 98 points higher, up 0.4 per cent to 23,531. Such an agreement, indeed, was previously reached in May 2018, when U.S. Treasury Secretary Steven Mnuchin announced that the trade war had been put "on hold" thanks to China's pledge to "significantly increase purchases of United States goods and services".

ANALYST'S TAKE: "While there was agreement on less thorny issues such as agriculture and energy, United States demands for verification and enforceable targets on intellectual property rights, transfer of technologies and non-tariff barriers may not be that easily addressed", DBS Group Research strategists Eugene Leow and Neel Gopalakrishnan said in a commentary. It's a tight window in which to nail down deep changes to China's economic model, some of which past US administrations advocated for years and USA lawmakers on both sides of the aisle support. Without a breakthrough in talks, US corporations are likely to experience a deepening decline in their Chinese sales, with Bank of America Merrill Lynch analysts even seeing an "informal boycott" in place. -China Business Council said in a statement. Trump has said he would increase those duties to 25 percent from 10 percent now if no deal is reached by March 2, and has threatened to tax all imports from China if Beijing fails to cede to United States demands. Trump said on Twitter, but gave no further information. US officials appear to want to maintain the pressure of tariffs, the official said.

Three days of U.S.

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US officials have said the talks are going well, a point Commerce Ministry spokesman Gao Feng echoed on Thursday at a regular briefing. Some disagreements remain on structural issues and they need to be addressed when more senior negotiators meet later on, according to Chinese officials involved in the discussions who asked not to be identified. Mr Liu is expected to travel to Washington later this month for further talks.

However, the US side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

"The length of the meetings shows that both sides were serious and honest about the talks", he said. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade.

Additionally, the USA and China will meet for a third day on Wednesday. China aimed to buy at least 5 million tons of American soybeans as part of the truce.

The progress on trade negotiations follow a long back-and forth between the White House and Beijing.

From January 7 to 9, a US delegation was in Beijing for talks about trade issues amid an ongoing 90-day truce in the trade war. He added that China and the United States would "maintain close communication" on a potential next round of talks. But if a deal doesn't happen, remember, "I am a Tariff Man", Trump said.

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