Economy

China willing to reach agreement with US - Vice Premier Liu He

China willing to reach agreement with US - Vice Premier Liu He”

While both the USA and China face the risk of slowing economic growth, the Trump administration appears to be sticking to its hard line.

"We all know we can't afford a further escalation of the trade war", Brilliant said.

Donald Trump will meet China's negotiating team at the White House on Friday for the latest round of talks aimed at ending a 15-month trade battle that is weighing on the global economy.

Over the past year and a half, the USA leader has initiated four tranches of tariffs on China, recently postponing additional levies on $250 billion worth of Chinese goods - representing the combined first three tranches.

Chinese and American negotiators are set to start meeting again in Washington on Thursday in the latest round of their so-far fruitless talks to strike a trade deal.

Chinese Vice Premier Liu He is leading the delegation in negotiations with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. It remains to be seen what deals - or lack of them - might result, however for the moment it appears markets have settled on a cautious optimism.

"The Chinese side came with great sincerity, willing to cooperate with the U.S. on the trade balance, market access and investor protection", Xinhua quoted Mr Liu as saying on Thursday (local time).

China's imports of US farm goods will also be discussed, as well as steps to free up Chinese financial and other markets and protect intellectual property.

Although some media reports suggested both sides are considering an "interim" deal that would suspend the planned further US tariffs in exchange for additional purchases of American farm products, Trump has repeatedly dismissed this idea, insisting he wants a "big deal" with Beijing that addresses core intellectual property issues.

Earlier in the week, firebrand White House trade adviser Peter Navarro told NPR that Trump was uninterested in half measures, showing "steely resolve" instead.

However, the White House denied that Liu planned to leave Washington on Thursday.

"Next year will not get prettier for China in a presidential election year", he said.

The Trump administration is set to raise punitive duties on $250 billion in Chinese goods to 30% from 25% on October 15, further escalating the trade war.

"I don't think the administration should be afraid of a partial deal", he told CNBC, adding that a bargain that came with some structural reforms to China's economy could leave Trump with enough leverage to pursue more reforms down the road.

China's purchases of United States soybeans jumped in September after stagnating during the summer. Increased trade tensions between Washington and Beijing have generally been supportive of the dollar as investors view the United States to be in better shape than its rivals to weather a trade war.

That would make almost all Chinese goods imports into the United States - more than $500 billion - subject to tariffs. "It requires a lot of preparation work and consensus on both sides".

Chinese officials indicated more willingness to negotiate.



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