USA official says China trade talks 'went just fine'

10 January, 2019, 20:25 | Author: Regina Silva
  • Crude Oil

Washington has presented Beijing with a long list of demands that would rewrite the terms of trade between the world's two largest economies.

The trade talks are the result of an agreement last month between President Trump and Chinese President Xi Jinping to stop the tit-for-tat tariff conflict between the two countries for 90 days starting on New Year's Day.

"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", USTR said in a statement.

The volume of mutual trade between Russian Federation and China finally reached $100 billion for the first time ever, according to Gao Feng, the Chinese commerce ministry's spokesman.

Investors welcomed signs of optimism from the talks.

China is keen to put an end to its trade dispute with the United States but will not make any "unreasonable concessions" and any agreement must involve compromise on both sides, the China Daily, a state newspaper, said on Wednesday.

The U.S. push for enforceable targets in a deal underscores the challenge of reaching a lasting truce. President Donald Trump tweeted "Talks with China are going very well!" late on Tuesday in Beijing. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade.

The two sides will keep in close contact, it added.

A group representing American companies doing business in China welcomed the "substantive discussions", but stressed the need to work out key details. "However, we do not see the USA fully removing the specter of tariff hikes any time soon". -China Business Council in Beijing.

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The temporary trade-war ceasefire came after the two sides imposed import duties on more than $300 billion of each other's goods.

"We can confidently say that enough progress was made that the discussions will continue at a higher level", said Craig Allen, president of the U.S.

The World Bank this week cut its outlook for the global economy as growth in trade and investment slowed and rising interest rates sapped momentum, especially in emerging markets.

People familiar with the U.S.

Asked if that meant the talks had been hard, Lu said: "I can only say that extending the consultations shows that the two sides were indeed very serious in conducting the consultations".

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.

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

And the USA says China has agreed to buy substantially more American goods.

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