Tuesday, 22 January, 2019

China Says Negotiations With US 'Lay Foundation' for Resolving Trade Dispute

USS Mc Campbell departs Sydney Aus. July 2017 USS Mc Campbell departs Sydney Aus. July 2017
Lloyd Bates | 10 January, 2019, 10:58

American negotiators said in a statement Wednesday that there was a focus on discussing purchases of "a substantial amount" of agricultural, energy, manufactured goods and other products and services from the U.S. by China but did not specify any new deals.

People familiar with the discussions said positions were closer on areas including energy and agriculture but further apart on harder issues.

"The China talks are going very well", he said. Trump said late Tuesday on Twitter.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

"Dovish Fed minutes and positive developments out from the U.S". Liu made a brief appearance at the talks in Beijing on January 7, boosting optimism that China was serious about making progress on a deal. -China relationship for years.

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications.

If no deal is reached by 2 March, Trump has said he will proceed with raising tariffs to 25% from 10% on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

Beijing has said it will not give up ground on issues that it perceives as core.

That pledge, addressing a trade deficit in goods, was however mentioned only at the end of the statement which focused on the U.S. demands for structural changes to China's domestic policies.

The paper said in an editorial that the dispute harms both countries and disrupts the worldwide trade order and supply chains.

No schedule for further face-to-face negotiations was released after the talks, and USTR said the American delegation was returning to Washington to report on the meetings and "to receive guidance on the next steps".

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But relations went through a rough patch in recent years as China backed United Nations sanctions over the North's nuclear tests. US Commerce Secretary Wilbur Ross said Monday that China's economy was more vulnerable to the fallout from the trade war.

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Washington has been clamouring for an end to the forced transfer - and even theft - of American technology, as well as steep government subsidies for Chinese companies.

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

"We expect something will come out of this", White House spokeswoman Sarah Sanders told the Fox Business Network.

Companies, disappointed that Beijing hasn't kept past commitments, also want any deal to ensure that China faces "some kind of penalty for not doing what they promised", Parker said.

China's foreign ministry confirmed the negotiations had ended in Beijing but declined to comment on the outcome, saying details would be released later.

The midlevel talks in Beijing concluded on Wednesday.

Companies in both the United States and China are feeling the pain from the effects of the U.S. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

A man checks on his mobile phone near the main entrance gate of the Ministry of Commerce in Beijing, Wednesday, Jan. 9, 2019.

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 USA complaints that Beijing steals or pressures companies to hand over technology.

USA stocks surged Wednesday on optimism that the midlevel talks in Beijing will be followed up with discussions between higher-ranking US and Chinese officials. USA bond yields also climbed, with the benchmark 10-year Treasuries yield rising to 2.7404 percent, compared with its one-year low of 2.543 per cent hit just before Friday's strong payrolls data.

China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs.

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