Upcoming US-China trade talk to focus on intellectual property rights

13 February, 2019, 07:12 | Author: Mary Valdez
  • Dovish Central Bank Outlooks Make U.S. Dollar More Desirable Asset

China's economy already has shown signs of slowing, while the trade war has shaken the confidence of USA businesses, as retaliatory tariffs have raised prices and helped choke off a key export market.

"We're doing very well over in China", Trump added.

In December, both countries agreed to halt new tariffs for 90 days to allow for talks.

Members of a U.S. trade delegation including deputy United States trade representative Jeffrey Gerrish left a Beijing hotel on Tuesday (Feb 12) on their way to the second day of talks with Chinese officials.

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U.S. President Donald Trump said on Tuesday that he could see letting the March 1 deadline for reaching a trade agreement with China slide a little, but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. And top White House economist Larry Kudlow said Thursday that while Trump was "optimistic" about prospects for a deal, there remained a "sizable distance" separating the two sides.

US tariffs on $200 billion (155 billion pounds) worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides can not reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture. But the two sides are only just starting the work of drafting a common document and are still tussling over how a deal may be enforced, which US officials have repeatedly called a crucial element.

The US negotiators had been preparing for pressing China next week to reform its intellectual property transfer right rules in order to seal a decipherable deal, which could prevail further losses resulted in the tariff war, the amount of which could breach trillions. However, amid pressure from the business community for the two sides to resolve the dispute, CNBC cited a senior administration official saying the March 1 deadline could be pushed back. "It could change via telephone". However, strident White House China critic Peter Navarro was not listed as part of the U.S. team.

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