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High-Level China US Trade Talks Resume

High-Level China US Trade Talks Resume”

News that Chinese Vice-Premier Liu He might be traveling to Washington ahead of a meeting between Trump and his Chinese counterpart, Xi Jinping, was followed by word that China has provided the White House with a list of offers.

The items on Beijing's non-negotiable list were unacceptable to the United States, the official said, and the overall list deserved to be looked at with skepticism in part because China has previously made pledges on economic and trade reforms that it had not fulfilled.

But he said the chasm between the two sides on issues such as Chinese industrial policy and intellectual property theft remained vast and that any post-G20 negotiations were likely to be hard as a result. Thus negotiations between the two countries are postponed for an indefinite period.

Xi and Trump are due to meet this month at a gathering of the Group of 20 major economies in Argentina. Trump has also threatened to impose tariffs on all remaining Chinese imports, about $267 billion worth, if Beijing fails to address U.S. demands.

Trump has imposed tariffs on $250 billion of Chinese imports to force concessions from Beijing on the list of demands that would change the terms of trade between the two countries.

USA stocks erased early losses on Thursday, after more reporting that the Trump administration is seriously engaging China on trade issues.

"They are not close to a favourable deal on trade".

What happens next depends on Beijing's attitude, said Darson Chiu, a research fellow at the Taiwan Institute for Economic Research.

A string of comments from both the United States president himself and his top economic advisor Larry Kudlow over the past several weeks indicated that there is movement towards a deal.

"That way Trump would have to accept [the offer]", Chiu said.

Unlike the USA economy, that of China is "less durable" and is not "strong enough to weather such an escalation", according to Pence. Those with vested interests, the heads of state-owned enterprises also keep arguing that they can help China weather the storm.

He said that if China doesn't come up with any such proposals, the USA will likely escalate economic, diplomatic and political pressure on the country. In Beijing, Trump's move was seen as an insult to Xi, who sent Liu to Washington for the negotiations, and cemented a view that Trump's real goal was to thwart China's rise.

He believes that this is the best (if not last) chance to China to avoid the scenario of the cold war with the United States.

"China has long agreed to make concessions: import as many US goods as possible and greatly relax local market access for USA companies".

Tensions deepened in late May when Washington announced that $50 billion worth of Chinese goods would be subject to 25 per cent tariffs. At the same time, Washington is unlikely to drop its restrictions or increased scrutiny of Chinese high-tech firms, Shi said.



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