Published: Thu, January 10, 2019
Business | By Pearl Harrison

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

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

The US team also pressed China on its efforts to protect intellectual property theft and forced technology transfers - two central complaints underpinning the trade war. 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.

Some 40 days into the 90-day truce, there were few concrete details on progress made so far.

The US Trade Representative office said Wednesday that the talks focused on "ways to achieve fairness, reciprocity, and balance in trade relations", as well as the need for "ongoing verification and effective enforcement" of any agreement.

The editor-in-chief of China's state-run Global Times tabloid, Hu Xijin, said on Twitter earlier that the extension of the talks, originally scheduled for two days, "sends a signal. -China trade talks will likely keep the risk rally going although some market players may opt to book gains and to wait for fresh leads", ING economists said in a note to clients. But aside from some soybean purchases, there has been little sign of big-ticket acquisitions. If a "REAL" deal with China is possible, the US will "get it done", Trump tweeted shortly after his dinner with Jinping last month.

The OPEC-led cuts, which officially began in January, are aimed at reining in an emerging glut as USA crude output C-OUT-T-EIA has surged to a record 11.7 million bpd.

"Asian stocks jumped after trade talks were extended for an unscheduled third day, fueling hopes that the world's two largest economies may soon reach a trade deal, putting an end to months of tariffs on each other's goods", reports NPR's Shanghai-based correspondent Rob Schmitz. The issues at play have soured the wider U.S.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy.

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 per cent from 10 per cent 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 it conceives as core.

USA officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement.


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

Washington wants Beijing to change its plans to use government support to make Chinese companies world leaders in robotics and advanced technologies. "We expect something will come out of this".

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.

Key decisions on some of the tougher issues are expected to be left for future rounds of talks, such as U.S. complaints that Beijing's policies force American companies to hand over technology and unfairly boost Chinese firms with subsidies. -China trade dispute. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

Chinese foreign ministry spokesman Lu Kang said Kim's visit and the trade talks were "two separate matters".

Some degree of optimism followed a U.S. trade delegation home from Beijing on Wednesday, after the most comprehensive trade negotiations held yet between the world's two largest economies since a tit-for-tat tariff battle ensued past year.

"It's been a good one for us", he told reporters at the delegation's hotel, without elaborating.

The negotiations appeared to have been making progress on areas such as China stepping up purchases of American exports and giving USA companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

Increased purchases by China of U.S. soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring United States technology to Chinese firms.

Deputy U.S. Trade Representative Jeffrey Gerrish is leading the American delegation in Beijing.

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