Chinese newspaper warns US not to push too hard on trade
Chinese newspaper warns US not to push too hard on trade
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09 January, 2019, 18:57
-China trade negotiations improved following the conclusion of mid-level talks in Beijing.
The US team is led by deputy US trade representative Jeffrey Gerrish, and includes under secretaries from the US Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House. Among many things, the Communist leader pledged to buy more USA agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.
One Chinese official reportedly described the negotiations as "constructive".
The rebound in crude oil price action in broad market is backed by OPEC's production and supply cuts and optimism surrounding Sino-U.S trade talks as China is biggest importer of crude oil and positive outcome would lead in trade talks will lead to improvement in demand for crude oil resulting in bullish crude oil price market.
"If it's a good outcome, it doesn't just benefit the USA and China, but it is also good news for the world economy", said foreign ministry spokesman Lu Kang.
"I confirm we're continuing tomorrow, yes", said Steven Winberg.
The talks are taking longer than expected as the Chinese commerce ministry had said last week that the meetings would take place on Monday and Tuesday.
China's Foreign Ministry said Beijing had the "good faith" to work with the United States to resolve trade frictions as Chinese officials met their U.S. counterparts in Beijing for the first face-to-face talks since U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global markets.
Trump boasted on Twitter on Tuesday that discussions in China were "going very well!".
Fears of a global slowdown and weaker corporate earnings - exacerbated by billions of dollars in tit-for-tat tariffs between the USA and China - have led to a sharp pullback on markets over the last few months.
America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for USA companies that do business inside China, NPR has reported. Europe, Japan and other trading partners have echoed Washington's complaints that those violate Beijing's market-opening obligations.
Still, cooling economic growth in both countries is increasing pressure to reach a settlement.
The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade.
"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the US-China Business Council, which represents American companies that do business with China.
The United States has long complained about access to the vast Chinese market and Beijing's demands USA companies reveal their technology advances.
Chinese officials complain about controls on "dual use" technology with possible military applications. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.
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