US, China leave future of trade talks unclear

Oil rises one per cent on US, China trade talk optimism

Chinese President Xi Jinping and U.S. President Donald Trump agreed not to impose additional reciprocal tariffs for 90 days in early December during the G20 meeting in Argentina.

Washington has presented Beijing with a long list of demands that would rewrite the terms of trade between the world's two largest economies.

It said that among the topics discussed were the "needed structural changes in China with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services and agriculture".

"We're negotiating and having tremendous success with China", Trump told reporters as he left the White House on a trip to the USA border with Mexico on the 20th day of a partial shutdown of the USA government.

"The length of the meetings shows that both sides were serious and honest about the talks", he said.

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of United States goods and services and Cabinet-level follow-up meetings expected later this month.

Liu led a previous round of talks in Washington past year that ended in failure, and he's expected to meet chief USA negotiator Robert Lighthizer later this month. Officials said details will be released soon.

At stake are scheduled USA tariff increase on $200 billion worth of Chinese imports.

In the meantime, companies in both countries are feeling pain from the effects of U.S. tariffs and retaliation from China, which are starting to mount.

Some 40 days into the 90-day truce, there were few concrete details on progress made so far.

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. -China relationship for years. "We hope your company can become an in-depth participant in China's opening and a promoter of the stability of Chinese-U.S. relations".

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on US$200 billion worth of Chinese imports. Trump said on Twitter, but gave no further information.

The paper said in an editorial that the dispute harms both countries and disrupts the global trade order and supply chains.

One of the biggest challenges to any deal would be to ensure that China enforces whatever is agreed to stop technology transfers, intellectual property theft and hacking of USA computer networks.

"Officials discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", the USTR said.

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.

"I don't see any linkage with the trade talks", said Glaser.

White House Press Secretary Sarah Sanders told Fox Business Network the administration expects the ongoing negotiations to prove fruitful and that the administration's complaints about Chinese theft of USA intellectual property were "top of mind" in the negotiations with Beijing.

Asked what he expected to come out of this week's talks in Beijing, Trump sounded a positive note. But neither side appears to have budged, and economists say three months is too little time to resolve issues that have disrupted U.S. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China, while Chinese exporters reported a thinning pipeline of orders from the United States. He added that China and the United States would "maintain close communication" on a potential next round of talks.

Foreign Ministry spokesman Lu Kang held a news conference in Beijing after the conclusion of the negotiations. Sharp divisions have emerged in the White House between Commerce Secretary Wilbur Ross and those such as US Trade Representative Robert Lighthizer who insist that China has to address not only trade imbalances, but also the so-called structural issues.

Trump, a Republican, has accused China of cheating the United States on trade and stealing US intellectual property, though he often has said he has a good personal rapport with Xi.

Jon Cowley, a senior lawyer at Baker McKenzie's worldwide commercial and trade practice group, said he expected that negotiators may have put together a framework for an agreement, but that existing tariffs would not be fully eliminated unless China met the U.S. "all the way".

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