US, China extend talks on trade battle for 3rd day

12 January, 2019, 13:13 | Author: Mary Valdez
  • US President Donald Trump speaks to the media as he departs for Camp David from the White House in Washingt

Regarding narrowing the trade imbalance, which the Trump administration has pushed China to resolve by importing more US goods, the article reads: "Importing some good things from the United States, this can help satisfy Chinese citizens' wants for leading a comfortable life".

They agreed to maintain close contact, the statement said.

The two sides "held extensive, deep and thorough exchanges on trade and structural issues of common concern, which promoted mutual understanding and established a foundation for the resolution of each others' concerns", it said.

In return, Trump promised to wait 90 days before hiking tariffs to 25 percent on $200 billion worth of Chinese imports - the three-month timeline is indented to give both breathing room to cement a detailed agreement.

Investors were encouraged that talks planned for two days were extended to three. She said the timing was unclear but the two sides "are moving towards a more balanced and reciprocal trade agreement with China".

The US Trade Representative (USTR) said negotiators focused on China's pledge to buy a "substantial amount" of agricultural, energy, manufactured goods and other products and services.

Officials also stressed the necessity that any trade deal with Beijing would require "ongoing verification and effective enforcement", according to a readout released by the office of the US Trade Representative. "The US is very clear about China's stance".

U.S. Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney walks into a hotel after a second day of meetings with Chinese officials in Beijing, Tuesday, Jan. 8, 2019. The US announced tariffs on Dollars 250 billion worth of Chinese goods, while China countered with its own.

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However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

The progress on trade negotiations follow a long back-and forth between the White House and Beijing. -China talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Trump said they were "going very well!". However, the year-on-year figures for the goods hit by the tariffs plunged sharply by between 10 and 20 percent, according to U.S. trade statistics.

China has already made significant concessions on trade and other United States economic demands, including the recommencement of Chinese purchases of American soybeans and a lowering of tariffs on American cars.

Companies in both countries just want to see a deal get done.

The United States and China had been engaged in a trade war over the a year ago after United States President Donald Trump accused Beijing of indulging in unfair trade practices. That includes giving specific dates for making purchases, and making assurances that Beijing won't hinder US companies from gaining access to China's market.

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications. The escalating trade war raised concerns in China as its economy was on the downward trend amid efforts by the government to rejig the export-dependent economy to that of relying more on domestic consumption. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

However, the USA side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

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