US-China Trade Talks Wrap Up After Extending To Third Day
10 January, 2019, 20:25
China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for United States companies and suspending issuing licenses in finance and other businesses. For sales going the other direction, the crunch was more immediate.
Chinese foreign ministry spokesman Lu Kang said a one-day extension in talks showed both sides are serious about the talks.
It appears trade talks between the USA and China are going well as reports suggest the two sides are getting closer on settling their differences.
Trump said late Tuesday on Twitter that the talks were "going very well!". But the shutdown may yet prevent Trump's appearance, according to a report in the Wall Street Journal.
The Trump administration also wants Beijing to buy more American goods to narrow a yawning trade gap - a sticking point for U.S. president - and allow foreign players better access to the Chinese market. -China Business Council in Beijing. "Uncertainty is bad for business".
As evidence mounts by the day that the slowdown in China's economy is worsening, policy makers in Beijing are focusing on getting rid of the duties that Trump has leveled on Chinese goods since past year, according to a former high-level official briefed on the government's thinking.
Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence.
China and the United States held a talk at the vice-ministerial level on economic and trade issues in Beijing from Monday to Wednesday, said a statement from the Ministry of Commerce. The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side. Economists now see the threat of deflation in China after producer price inflation slowed sharply in December, to the weakest pace since 2016.
Beijing also faces pressure over technology from the European Union.
Without a resolution, punitive U.S. duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.
People familiar with the U.S.
Such a move would likely prompt further retaliation by China, which has already levied tariffs on US goods, further rattling investors who are nervous about a significant slowdown in China's economy.
China's trade data for the full year of 2018 is due to be released on January 14, and economists see year-on-year export growth slowing in December from November.
The Trump administration is pushing for a way to make sure China delivers on its commitments in any deal.
The talks "enhanced mutual understanding, and established a foundation for solving, each other's concerns", said the statement, stressing that both sides agreed to maintain close communication, while providing few other details. "And China going forward will likely still want to increase the diversification of its sources of supply even for agricultural commodities".
Later this month, US Trade Representative Robert Lighthizer is expected to meet with Vice Premier Liu He, President Xi Jinping's top economic aide who is leading negotiations for China, a person familiar with the situation said last week. Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers. "Progress should include a mechanism for the removal of tariffs and measurable, commercially meaningful outcomes", the U.S.
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