China trade talks wrap up, with outcome unclear

10 January, 2019, 20:26 | Author: Eric Barnett
  • What hope for markets in the US-China trade talks?

The ongoing trade war has already seen new tariffs introduced on $250 billion worth of Chinese imports and Beijing respond with levies on $110 billion of USA goods. It said USA negotiators would await "guidance on the next steps" after reporting back to Washington.

President Donald Trump has said on Twitter that the talks are "going very well".

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 US companies that do business inside China, NPR has reported.

The USTR statement contained no details on the amount of commodities, goods and services discussed in the Beijing talks.

China's commerce ministry said the discussions "established a foundation for the resolution of each others' concerns".

The U.S. and China have slapped a tariffs on a combined $360 billion in each other's imports since July.

"We're hopeful that we can make a deal with China", White House press secretary Sarah Sanders told Fox Business Network on Wednesday. She added, "we expect that something will come of this". Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.


The US Trade Representative office said Wednesday that the talks focused on "ways to achieve fairness, reciprocity, and balance in trade relations", as well as the need for "ongoing verification and effective enforcement" of any agreement.

United States and Chinese officials extended trade war talks into a third day on Wednesday, with a member of the American delegation saying negotiations "went just fine". Share prices jumped in Asia and Europe.

Companies in both the United States and China are feeling the pain from the effects of the U.S. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

The two sides agreed to keep close contact, according to the statement.

Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods.

Speaking after the conclusion of the talks, Ted McKinney, the USA under secretary for trade and foreign agricultural affairs, told reporters in Beijing that he thought they "went just fine".

"I don't know the timing and exactly what that will look like, but what I can be sure of is that we are moving towards a more balanced and reciprocal trade agreement with China". The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress.

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