Wednesday, 20 March, 2019

Trump Likely to Meet With China’s Wang Qishan in Davos

The financial district in Shanghai The financial district in Shanghai
Priscilla Morrison | 07 January, 2019, 13:20

While the Federal Reserve Board chairman, Jerome Powell, may have calmed equity markets on Friday by saying the United States central bank would be patient and flexible in implementing U.S. monetary policy this year trade is the other big factor behind the implosion of equity markets in the closing months of last year.

U.S. negotiators on Monday (Jan 7) headed into talks with Chinese counterparts as the two countries seek a deal to end a trade war that has raised fears of global economic turmoil.

US Trade Representative Robert Lighthizer, in charge of the overall talks with China, is expected to meet with Chinese Vice Premier Liu He, Xi's top economic adviser, later this month.

The US delegation will be led by Deputy US Trade Representative Jeffrey Gerrish.

But economists say that is too little time to settle all the disputes that bedevil U.S.

A USA delegation began the latest round of trade war talks with China on Monday.

If there is no discernible progress towards a trade deal this week - higher level follow-up talks are planned later this month - it is probable that there will be another eruption of financial markets turbulence.

Trump on Sunday headed to the USA presidential retreat at Camp David, where he said he would discuss a trade deal with China with senior aides, among other issues. The delegation includes agriculture, energy, commerce, treasury and State Department officials.

"Next week's negotiations are important because they will establish expectations", said Myron Brilliant, executive vice president and head of global affairs at the US Chamber of Commerce.

The ratcheting dispute has pummelled confidence in China, sending the stock markets tumbling while the yuan has fallen against the dollar.

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Chinese economy grew at 6.5 % in the third quarter posting slowest growth since 2009 as it grappled with the intensifying trade war with U.S. and the mounting local governments debt which rose to $2.58 trillion.

Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

During that 90-day period, agreements "may not be reached until the last day", according to Tu Xinquan, director of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.

Apple, which ignited a sell-off in global sharemarkets last week with its savage revenue downgrade, attributed it to the deceleration of activity in China, which is both a key part of its global supply chain and a major market for its products.

Envoys will have "positive and constructive discussions", a Chinese foreign ministry spokesman, Lu Kang, said on Friday.

Asked about the timing of the operation during trade talks, Lu said resolving issues would benefit the two countries and the world.

Trump initiated the hostilities because of complaints over unfair Chinese trade practices - concerns shared by the European Union, Japan and others. "I really believe they want to make a deal".

China has appeared to take steps since the Xi-Trump dinner meeting in Argentina to address trade tensions, including resuming imports of U.S. soybeans and rolling back further tariffs on USA auto imports.

"If Beijing had wanted to raise the white flag, it would have done so already", it said.

"We urge the United States to immediately cease this kind of provocation", he said, adding that China had sent military ships and aircraft to identify and warn off the ship.

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