China says high-level trade talks with USA have resumed

The meeting in Washington comes weeks before US President Donald Trump is expected to meet his Chinese counterpart Xi Jinping on the sidelines of the G20 summit | File

US-China Trade War Might Settle on the Sidelines of G20 Summit

China's Ministry of Commerce says high-level trade talks between officials from the world's two biggest economies have resumed.

US Treasury Secretary Steven Mnuchin resumed trade discussions with Chinese Vice Premier Liu He on Friday, although it would appear that the conversation did not lead to any kind of breakthrough. "Not in the same universe", the Washington-based source said. Trump has also threatened to impose tariffs on all remaining Chinese imports, about $267 billion worth, if Beijing fails to address United States demands.

US President Donald Trump has imposed tariffs on $250 billion of Chinese imports to force concessions from Beijing on the list of demands that would change the terms of trade between the two countries.

The United States has accused China of stealing trade secrets from U.S. companies and of using "unfair trade practices", including dumping and higher tariffs on the goods exported from the US. He said that the situation around the United States and China depends on Argentina, where a scheduled meeting trump and XI Jinping during the G20 summit.

Future trade talks could hinge on whether or not tariffs rise on January 1.

Scissors, who has previously advised the Trump administration on its China trade stance, said in an interview on Wednesday that the most likely outcome of the Trump-Xi meeting at the G20 was a "ceasefire", or a deal to avoid any further escalation in tariffs while the two sides hold deeper discussions.

What that means is the United States would suspend its tariff hike on $200 billion in Chinese goods in exchange for concrete concessions from China, including those Beijing made during negotiations in July.

"They are not close to a favourable deal on trade".

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The SMMT has previously blamed Brexit uncertainty for plunging United Kingdom investment by largely foreign-owned carmakers. This is a decision which will come under intense scrutiny and that is entirely as it should be and entirely understandable.

It was too early to tell whether China's offer would be sufficient to preclude an increase in United States tariffs at the start of 2019, he said.

On the American side, the discussions are now being led by Mnuchin and the Treasury, which has raised questions among some observers about the process.

If China fails to "fundamentally change its behavior", it will face all-out cold war with Washington and its partners, US Vice President Mike Pence told The Washington Post.

In this context, Pence singled out "rampant intellectual property theft, forced technology transfer, restricted access to Chinese markets, respect for global rules and norms, efforts to limit freedom of navigation in worldwide waters and Chinese Communist Party interference in the politics of Western countries".

Chiu admits that such a solution is easier said than done and there are many with less liberal views in China.

"China respects USA sovereignty, security, and development interests", she told a daily news briefing in Beijing.

Many American manufacturers, farmers and lawmakers from both sides of the aisle say they appreciate the administration's efforts to change China's economic policies.

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