China says trade talks with United States set foundation to resolve concerns
China says trade talks with United States set foundation to resolve concerns
China optimistic as trade negotiations with US kick off
12 January, 2019, 13:13
At stake are scheduled United States tariff increase on $200 billion in Chinese imports.
The US-China trade talks with the ongoing deliberations have now entered the final rounds with senior officials from either side taking a stance. For sales going the other direction, the crunch was more immediate.
No schedule for further face-to-face negotiations was released after the talks.
Talks between the US and China on ending their tariff war were ending their second day Tuesday without word on whether they've made any progress, as an official newspaper warned not to push Beijing too hard.
Both Trump and Chinese Vice President Wang Qishan were slated to appear later this month at the World Economic Forum in Davos, Switzerland, providing an opportunity for high-level dialogue. Wall Street was set for early losses.
The US China Business Council, which represents American companies working in China, applauded the "substantive discussions" but urged both sides to make tangible progress on achieving equal treatment of foreign companies in China and changes to policies aimed at technology transfer.
"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", the statement, released by the Office of the US Trade Representative, said. "Uncertainty is bad for business".
Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods to pressure Beijing to change its practices on issues ranging from industrial subsidies to hacking. Lu said an official statement would come later.
A Chinese foreign ministry spokesman, Lu Kang, announced that the talks had ended.
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But they are a key step before both countries' top negotiators - US Trade Representative Robert Lighthizer and Chinese Vice-Premier Liu He - can sit down to thrash out a deal.The Straits Times. 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.
By year-end US growth is set to be below 2 percent "but in the near term a recession still looks unlikely", Ward said in the research.
Mike Bell, a global market strategist at J.P. Morgan Asset Management, said it was clear that USA growth will fade in 2019, while presenting the bank's "Guide to Markets" at an event in London on Wednesday. Without substantiating its allegations, the Trump administration has repeatedly accused China of "stealing" American technology, both directly and indirectly. Prior to the meeting, China made a number of concessions to US demands including temporarily cutting punitive tariffs on USA -made cars, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.
China and the U.S. "conducted extensive, in-depth and meticulous exchanges. which enhanced mutual understanding and laid the foundation for resolving issues of mutual concern", the Chinese commerce ministry said in a statement. "I don't want to comment on what that will look like".
US Commerce Secretary Wilbur Ross said Monday that China's economy was more vulnerable to the fallout from the trade war.
Even so, progress in talks signals that an interim deal that suspends new tariff hikes is possible, according to Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong.
Earlier this week, China approved five genetically modified (GM) crops for import, the first in about 18 months, which could boost its overseas grains purchases and ease USA pressure to open its markets to more farm goods.
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