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5 things to know about US-Chinese trade negotiations

09 January, 2019, 11:55 | Author: Lawrence Cooper
  • Dow, S&P 500, and Nasdaq futures mostly traded sideways ahead of Monday’s opening bell

Trade talks in Beijing between the world's two biggest economies entered a third day on Wednesday, amid signs of progress on issues including purchases of USA farm and energy commodities and increased US access to China's markets.

State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.

After months of US tariffs on Chinese imports and Chinese retaliatory tariffs on USA goods, Trump and Chinese President Xi Jinping held December 1, 2018 meetings at the G20 in Argentina.

Since the two presidents met on December 1, China has made a number of concessions to US demands, including temporarily cutting punitive tariffs on USA -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

Talks between mid-level USA and Chinese officials in Beijing were extended for a third day into Wednesday, adding to optimism fueled by tweets from Trump that the two sides are making progress toward an agreement.

Ross, in an interview on CNBC, said the talks in Beijing would help determine whether trade differences between the world's two largest economies could be resolved through negotiations.

Chinese Foreign Ministry spokesman Lu Kang said that the conduct of the USA ship had violated China's and global law, and that China had sent military ships and aircraft to identify and warn off the ship.

US President Donald Trump boasted Tuesday that US-China trade negotiations were going "very well" as officials held talks in Beijing that will spill into a third day.

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The Chinese military has moved to intercept US warships sailing through the contested South China Sea in the latest of what has been a series of tense encounters involving the two powers in the Asia-Pacific region.

"China's position in the China-US trade friction and its solutions to the friction is open, it's transparent", Lu said at a regular press briefing.

Trump raised import duties on Chinese goods in July over longstanding complaints Beijing steals technology or pressures foreign companies to hand it over.

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods past year and has threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property to hacking. Trump wants Beijing to roll back initiatives like "Made in China 2025", which calls for the state-led creation of global competitors in such fields as robotics and artificial intelligence.

Even so, Lu said, "China's development has ample tenacity and huge potential". Both Taiwan and Vietnam also claim the Paracel Islands, and the USA has contended that its ships passed through only worldwide waters, which Chinese officials refuted.

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

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

The U.S. delegation includes under secretaries from the U.S. departments of agriculture, commerce, energy and treasury, as well as senior officials from the White House.

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