China, US hold 8th round of trade talks in Beijing

31 March, 2019, 00:51 | Author: Darnell Patrick
  • US China trade talks wrap up in Beijing

The United States and China are expected to meet next week in Washington to further discuss the trade deal, announced US Treasury Secretary Mnuchin Steven on Friday (local time).

Mnuchin, Lighthizer and China's trade czar, Vice Premier Liu He exchanged pleasantries in front of reporters before commencing meetings at the Diaoyutai state guesthouse.

The two sides said they made progress on trade talks, which concluded on Friday in Beijing and were called "candid and constructive" by Washington.

Trump has said the two sides were close to a deal, repeatedly saying the talks are going "very well", but officials have played down expectations of an imminent agreement.

Kudlow, who runs the White House's National Economic Council, said the United States could raise tariffs if China doesn't comply with an eventual deal.

Expressing a true-blue optimism over an affirmative outcome on trade talks sooner than anticipated, the official said, "If you looked at the texts a month ago compared to today, we have moved forward in all areas".

This the US government said is transferred to and used by their Chinese competitors.

It had been previously reported that both sides were pushing for proposals on cyber theft, technological transfers, services, intellectual property rights, currency, agriculture and non-tariff barriers to trade.


However, despite the initial goodwill measures by both the countries, last week Trump had said that some tariffs will be retained on Chinese products for a substantial period until it complies with the agreements. "We're not going to give up our leverage", Mr Kudlow said.

Kudlow said on Thursday the United States may drop some tariffs if a trade deal is reached, while keeping others in place to ensure Beijing's compliance.

U.S. insistence on keeping the first tranche of 25 per cent tariffs on US$50 billion worth of Chinese imports could be a sticking point for a deal, analysts say.

Trump's demands include an end to Beijing practices that Washington says result in systematic theft of US intellectual property and the forced transfer of American technology to Chinese companies.

During their meeting in Buenos Aires on December 1, Trump and Xi had agreed to halt the trade war for 90 days while their administrations negotiated common positions on various issues.

The U.S. government says technology is often subsequently transferred to, and used by, Chinese competitors.

The issue has proved tough for negotiators as US officials say China has previously refused to acknowledge the problem exists to the extent alleged by the United States, making it hard to discuss resolution.

This story has not been edited by Firstpost staff and is generated by auto-feed.

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