US, China seek end to trade war through talks | Money Talks

10 January, 2019, 06:41 | Author: Regina Silva
  • President Donald Trump argued that China has not treated the U.S. fairly in terms of trade

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 US" according to the USTR. Hong Kong's main market index closed up 2.1 percent, and Tokyo rose 1.1 percent.

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of United States goods and services and Cabinet-level follow-up meetings expected later this month. Trump said on Twitter, but gave no further information. Bloomberg reported that Trump is eager to strike a deal to boost markets, citing people familiar with White House deliberations. Europe, Japan and other trading partners have echoed Washington's complaints that those violate Beijing's market-opening obligations. "The US is very clear about China's stance".

USA companies also want action on Chinese policies they complain improperly favor local companies.

Beijing also faces pressure over technology from the European Union.

Companies disappointed about failures or delays in Beijing carrying out commitments want an enforcement mechanism with "some kind of penalty for not doing what they promised", said Parker.

Freight costs for shipments scheduled to arrive in Asia in late March and April this year are US$0.50 lower per barrel of oil than they were for shipments scheduled to arrive at refineries in December as buyers were in a rush to secure crude ahead of the Iran sanctions that went into effect in early November. "It's probably going to take a little longer".

Chinese officials complain about controls on "dual use" technology with possible military applications.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. 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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The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish.

The truce came after the two sides imposed import duties on more than $300 billion of each other's goods. It included agriculture, energy, commerce, treasury and State Department officials.

Trump imposed tariff increases of up to 25 per cent on $250 billion United States in Chinese imports.

A combination of lower shipping costs and lower domestic demand will boost US crude oil exports to Asia, Reuters reports, citing sources from the commodity trading and shipping industries.

Brent and the world's other key contract, West Texas Intermediate (WTI), slumped late previous year, hitting 18-month low points at $49.93 and $42.36 per barrel respectively.

Still, cooling economic growth in both countries is increasing pressure to reach a settlement.

Increased purchases by China of USA 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.

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