US Expresses Optimism About Trade Talks with China

09 January, 2019, 11:56 | Author: Mary Valdez
  • Dow, S&P 500, and Nasdaq futures mostly traded sideways ahead of Monday’s opening bell

Asked for his reaction on the American ship sailing through the Paracel islands which China claims Xisha islands, Chinese Foreign Ministry spokesman Lu Kang said Beijing has lodged strong protest to the United States on this.

Speaking to reporters on Monday, Lu Kang, spokesman for China's Foreign Ministry, expressed hope that the two countries could reach an agreement: "From the beginning we have believed that China-U.S. trade friction is not a positive situation for either country or the world economy".

One Chinese official reportedly described the negotiations as "constructive".

Trump said last week, "I think we'll have a deal with China". Officials had expected to wrap up on Tuesday, but surprised observers by returning to the negotiating table for a third day.

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.

China has long claimed territorial rights over the South China Sea, one of the world's busiest shipping lanes, but the United States argues it is global waters.

The immediate trade issues would be easiest to tackle, while enforcement issues and structural reforms - such as intellectual property rights and market access - would be more challenging to resolve, he added. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

As with previous operations, the Chinese Ministry of Foreign Affairs condemned the USA operation.

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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, state newspaper the China Daily said on Wednesday (Jan 9).

But much work remains before the two economic powers climb down.

US and Chinese negotiators meeting this week in Beijing have agreed to extend trade talks until Wednesday, according to a spokesperson for the office of the US Trade Representative. The two sides have shown signs of common ground in the past year, only for progress to stall.

U.S. Presidents Donald Trump launched the trade war in July by hiking tariffs on Chinese goods in response to complaints Beijing steals or pressures companies to hand over technology.

The Trump administration is dealing with an increasingly strong China that has its own pressing needs, said the Global Times, which is published by the ruling Communist Party.

China's foreign ministry on Monday confirmed that Wang would deliver a keynote speech at Davos, though didn't confirm any plans for him to meet Trump. Preliminary discussions were "a little more optimistic than usual", White House economic adviser Larry Kudlow told Bloomberg TV Friday.

Talks between mid-level USA and Chinese officials in Beijing were extended for a third day into Wednesday, adding to optimism fueled by tweets from Trump that the two sides are making progress toward an agreement.

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