China trade war talks end on a positive note

Trade tensions China’s President Xi Jinping and US President Donald Trump who is said to be keen to strike a deal and help soothe financial markets roiled by the dispute

Latest US-China Trade Talks Focus on China’s Pledge to Buy More US Goods – USTR

A Chinese foreign ministry spokesman, Lu Kang, announced the talks had ended.

The Trump administration wrapped up the latest round of trade talks in Beijing, noting a commitment by China to buy more US agricultural goods, energy and manufactured items.

World markets rose on increasing optimism that the two sides would be able to hammer out a deal ahead of a March deadline and avert further import tariff hikes.

The negotiations appeared to have been making progress on areas such as China stepping up purchases of American exports and giving USA companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

China's Ministry of Commerce said Thursday the two sides would "maintain close contact".

A statement from the Office of the U.S. Trade Representative said negotiators will "report back to receive guidance on the next steps".

America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for USA companies that do business inside China, NPR has reported.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured, and other products and services from the United States", the USTR said. Trump said late Tuesday on Twitter.

Trump has said he would increase those duties to 25 percent if no deal is reached by March 2, and has threatened to tax all imports from China if Beijing fails to cede to USA demands. "As for whether this move has any impact to the ongoing China-U.S. trade consultations.to properly resolve existing issues of all kinds between China and the U.S.is good for the two countries and the world".

Woman dies after getting trapped inside Toronto clothing donation bin
The City of Burnaby is the latest municipality to take action when it comes to safety issues surrounding donation bins. Firefighters had to use a saw to cut a couple of metal bars that hold the front drawer of the bin in place.

State newspaper China Daily said Beijing was keen to end the trade dispute, but that any agreement must involve compromise. US negotiators are also taking steps to ensure the Chinese government actually follows through on its promises.

MSCI's all-country index .MIWD00000PUS climbed 1.03 percent for a fourth day of gains.

The U.S. stock market was supported by advances by technology and other trade-sensitive sectors. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. WTI is among the most popular USA light crude grades with Asian buyers.

The talks were the first face-to-face meeting between the two sides since their leaders met December 1.

Trump has been demanding China to drastically reduce the United States dollars 375 billion trade deficit and ensure IPR production for U.S. technology and services.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment". "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

As the trade talks wound down, China's top economic official, Premier Li Keqiang, met with CEO Elon Musk of electric auto brand Tesla Inc. The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications.

The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

Latest News