Economy

China made no progress in deputy-level trade talks: Chinese state newspaper

China made no progress in deputy-level trade talks: Chinese state newspaper”

With trade talks between the United States and China resuming this week, the U.S. appears to have made some concessions that could help reduce tensions between the world's top two economies.

Dow futures fell by 300 points nearly immediately, with futures on the S&P and the Nasdaq Composite each taking a 1 percent hit.

Tariffs that are due to increase next week could also be suspended as part of this deal, it reported.

The South China Morning Post (SCMP) sent USA stock futures into a tailspin, reporting that the negotiations had reached an impasse with "no progress", and that Liu "may leave earlier than expected".

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will meet the Chinese delegation led by Vice Premier Liu He.

According to the Chinese-based media, one of the core issues is "forced technology transfers", a requirement to surrender technologies to Chinese firms imposed on foreign companies wishing to enter China's markets. The US also placed visa bans on officials linked to the mass detention of Muslims from the region.

Other flashpoints that have cropped up in recent days include China's swift action to cut corporate ties to the National Basketball Association over a team official's tweet in support of Hong Kong pro-democracy protesters.

Commerce Secretary Wilbur Ross said in Sydney on Thursday that the tariffs were working, forcing Beijing to pay attention to US concerns about its trade practices.

For more than a year, the United States and China have been locked in a trade war on issues such as cybersecurity, regulations, intellectual property, subsidies and tariffs.

If negotiations break down again, by December 15, almost all Chinese goods imports into the United States - more than $500 billion - could be subject to punitive tariffs in the dispute that erupted during U.S. President Donald Trump's time in office.

"As of right now, (Trump) has not made up his mind, because he does not know what they're going to offer", the official said late on Wednesday.



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