China Says Negotiations With US 'Lay Foundation' for Resolving Trade Dispute

11 January, 2019, 01:00 | Author: Darnell Patrick
  • Latest US-China Trade Talks Focus on China’s Pledge to Buy More US Goods – USTR

A statement from the Office of the US Trade Representative (USTR) did not characterize the tone of the talks or say what would happen next.

Chinese foreign ministry spokesman Lu Kang said Kim's visit and the trade talks were "two separate matters".

The U.S. also said the negotiations "focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods and other products and services from the United States".

Trump is locked in a stalemate with congressional Democrats over his demand for $5.7 billion in partial funding to build a wall on the U.S. -Mexico border.

By Thursday, however, the positive feelings ebbed because of a lack of a details on the talks despite a warm statement from China on the outcome, and financial markets took a breather from the rally.

China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs.

The talks were the first face-to-face meetings since Presidents Donald Trump and Xi Jinping agreed to suspend tariff increases during negotiations. Macy's went public in February 1992 and reached an all-time high of nearly $73 a share in mid-2015, but four of the five biggest one-day plunges in its history have come in the last three years. USA bond yields also climbed, with the benchmark 10-year Treasuries yield rising to 2.7404 percent, compared with its one-year low of 2.543 per cent hit just before Friday's strong payrolls data.

The S&P 500 index added 11.68 points, or 0.5 percent, to 2,596.64. The Shanghai Composite index lost 0.4 percent to 2,535.10.

After extending to an unexpected third day, trade talks between USA and Chinese officials have concluded, a spokesman for the Chinese foreign ministry announced Wednesday morning. Stocks linked to faster economic growth, such as technology and energy companies, kept rising.

Among their many requests, USA negotiators are asking the Chinese to increase purchases of American farm and energy commodities; allow greater access into China's markets; improve and enforce property theft protections; and an end of China's policy of forcing foreign companies to hand over technology secrets. "The US is very clear about China's stance".

-China trade talks in Beijing are progressing well, as Chinese authorities planned to give a statement following the latest round of negotiations.

China is facing the daunting task of presenting a credible plan to meet Trump's demands to cut down the trade deficit. USA negotiators are also taking steps to ensure the Chinese government actually follows through on its promises.

Chinese officials have suggested that Beijing might alter its industrial plans, but reject pressure to abandon what they consider a path to prosperity and global influence. The two sides have shown signs of common ground in the past year, only for progress to stall.

The US threat to raise tariffs on $200 billion worth of Chinese goods from 10 to 25 percent, if no resolution is reached, underscores the one-sided and bullying character of Washington's approach to the talks.

Brent and the world's other key contract, WTI, slumped late a year ago, hitting 18-month low points at $49.93 and $42.36 per barrel respectively. To Lighthizer - and thus the USTR office - China's promise to buy more USA goods is of less interest than the need for "structural changes".

China's top economic official, Premier Li Keqiang, has met with the CEO of electric vehicle brand Tesla Inc., Elon Musk.

"We hope you can get a firm foothold and expand the market", Li told Musk during the meeting at the Great Hall of the People, the seat of China's legislature.

The surge in US crude production runs counter to efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut supply aimed at reining an emerging glut.

China is the largest electric vehicle market and is strongly encouraging its development.

Beijing has tried to mollify Washington and other trading partners by promising to buy more of their goods and open its industries wider to foreign competitors.

Stocks struggled in the early going and the Dow Jones Industrial Average lost 175 points after US and Chinese officials wrapped trade talks in Beijing. "I really believe they want to make a deal".

Undersecretary for International Affairs David Malpass of the US Department of the Treasury and other members of the US trade delegation to China, return from talks to a hotel in Beijing, China, Jan. 7, 2019. -China Business Council, which represents American companies that do business with China.



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