China Lodges ‘Stern' Warning Over US Warship in S China Sea

US and China agreed to hold trade talks on January 7-8 on Beijing

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The American side is led by a deputy US trade representative, Jeffrey D. Gerrish, according to the USA government.

China says it is ready to buy more USA goods, but it is resisting U.S. demands for tougher action on technology transfers, and less state support for strategic industries like robotics and computer chips.

The talks are going ahead despite tensions over the arrest of Meng Wanzhou, chief financial officer of Chinese technology giant Huawei, in Canada on USA charges related to possible violations of trade sanctions against Iran.

The US has downplayed the damage the conflict is doing to its own industries as the impact of its tariffs feeds into higher costs for business and consumers and reduced demand from China for US products.

The talks have come a month after Trump and Xi Jinping agreed to suspend a tariff hike for three months to give negotiators space to reach an agreement and end a dispute that has roiled world markets.

"I think China wants to get it resolved".

"Both sides are close to finding a solution to address the trade imbalance", the Hong Kong-based South China Morning Post quoted the unnamed adviser as saying. The delegation includes agriculture, energy, commerce, treasury and State Department officials.

Trump has imposed tariffs to pressure Beijing to change its practices on issues ranging from corporate espionage to market access and industrial subsidies. Beijing responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

The developing downturn in China's economy explains why the USA believes it can force China to accept its demands in the face of the threat of another $US200 billion of tariffs on China's exports to the US. The preliminary skirmishes have already done damage to China's economy and some sectors of the USA economy as well as its financial markets and have had flow-on effects in the greater Asian region and even Europe.

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But analysts say the 90-day postponement of additional tariff increases is too little time to settle all the disputes that bedevil the two sides' relations, arguing that they face potentially lengthy wrangling over technology and the future of their economic relationship.

The talks are crucial as the US stock market continues to be volatile. If talks fail, China may cancel some soybean orders and this could heavily affect Singapore considering that the country imports most of its food supplies.

But observers fear the time constraints and substantial range of prickly issues, including those Beijing considers core to its development, will make it hard to reach a deal.

The U.S. economy grew at an annual rate of 3.4 percent in the third quarter, and unemployment is at a five-decade low. They criticise his tactics but echo United States complaints about Chinese industrial policy and market barriers.

"China will continue to take the necessary measures to defend national sovereignty and security".

UBS said on Friday that 37 percent of 200 manufacturers surveyed by the bank have shifted out of China over the past 12 months.

Some manufacturers that serve the United States have shifted production to other countries to avoid Trump's tariffs.

The protracted trade war between the top two economies of the world is seen by many as a battle for global leadership.

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