Economy

US Expresses Optimism About Trade Talks with China

US Expresses Optimism About Trade Talks with China”

"Talks with China are going very well!" president Trump declared Tuesday, a day after the in-person talks in Beijing began with the participation of vice premier Liu and the USA trade delegation.

Wednesday's announcement by the USA came earlier than many had expected, with Hu Xijin, editor-in-chief of the state-run Global Times tabloid, tweeting on Wednesday to say that both sides would be releasing statements "at the same time on Thursday morning Beijing time".

While Chinese officials expressed optimism at the start of the two-day talks, Beijing at the same time complained about the sighting of the U.S.S. McCampbell, a warship, in what it said were Chinese waters near disputed islands in the South China Sea.

A statement from the Chinese government was expected as soon as Wednesday. Europe, Japan and other trading partners have echoed Washington's complaints that those violate Beijing's market-opening obligations.

Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump, but they have echoed USA complaints about Chinese industrial policy and market barriers. The hedge fund industry has cut significantly its bullish positions in crude futures. "The limited policy movement that we've seen so far suggests that a game-changing deal remains unlikely". Delegates to the talks have not yet revealed what specifically was discussed, or if anything was agreed to.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

The president believes slapping import tariffs on Chinese goods will raise their price versus American equivalents, giving USA companies the edge when selling products to domestic consumers.

The second day of trade negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un for talks with Xi in Beijing, amid speculation of a second meeting between Kim and Trump.

The extended US-China talks to resolve the trade war between the world's two greatest economy concluded on a positive note on January 9 with an American official describing the dialogue as "good one" for the US.

The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

US President Donald Trump and Chinese President Xi Jinping in December agreed to put on hold a spiraling trade dispute of tit-for-tat import tariffs on hundreds of billions worth of goods.

Beijing's growing commercial and political ties with its neighbours will make it harder for Washington to find "Asian countries willing to stand at its side and help contain China", the newspaper said.

Cooling economic growth in both countries is increasing pressure to reach a settlement.

On the other hand, Beijing is unhappy with US export and investment curbs, such as controls on "dual use" technology with possible military applications.

How China will enforce those measures will be key to any deal.

The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade.



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