China Says Beijing Talks Lay Foundation For Trade Resolution

China Says Beijing Talks Lay Foundation For Trade Resolution

China Says Beijing Talks Lay Foundation For Trade Resolution

If the two sides are unable to reach a deal by March, President Trump has threatened to raise tariffs on $200 billion in Chinese goods to 25 percent and to possibly levy additional tariffs that would extend to all imports from China.

The US released a statement on the meetings, alluding to at least one potential concrete commitment on the part of China.

"We urge both governments to use the time remaining in the 90-day negotiating period to make tangible progress on the important issues at the core of the current dispute: equal treatment of foreign companies in China, as well as China's intellectual property and technology transfer policies", said Jake Parker, vice president of China operations at the U.S.

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.

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled worldwide markets.

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It also said the negotiations dealt with the need for "ongoing verification and effective enforcement".

Those include initiatives such as "Made in China 2025", which calls for state-led creation of Chinese global champions in robotics, artificial intelligence and other fields. Lu said he had no details and an official statement would be issued later.

USA and Chinese officials met Monday in the Commerce Ministry in Beijing to begin their two-day trade negotiations. "And China going forward will likely still want to increase the diversification of its sources of supply even for agricultural commodities". Economists say the 90-day window is too short to resolve all the conflicts between the biggest and second-biggest global economies. Forecasters expect American orders to slump this year.

China has imposed penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

As the trade talks wound down, China's top economic official, Premier Li Keqiang, met with CEO Elon Musk of electric vehicle brand Tesla Inc.

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"I can confirm we are continuing tomorrow (Wednesday)", Steven Winberg, assistant energy secretary, told reporters after returning to his hotel in Beijing.

China claims nearly all of the strategic South China Sea and frequently lambastes the United States and its allies over naval operations near Chinese-occupied islands. Previous year it ended restrictions on foreign ownership of EV producers to help spur the industry's growth, and in July Tesla announced plans to build the Gigafactory 3 facility in Shanghai.

Citing unidentified Chinese officials involved in the trade talks, Bloomberg reported January 9 that there were disagreements between the two delegations on structural issues, which they hope will be addressed when more senior negotiators meet for talks. "The view, once commonly heard in Beijing, that it could outlast America in a grinding tariff battle has given way to the realisation that, as the country with the huge trade surplus, China has more to lose upfront".

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, included representatives from the departments of energy, agriculture, treasury and commerce.

"Listen, I think in the end markets are not really going to care very much about the details of any deal that's struck as long as a deal is struck and directionally looks like we are going toward deescalation rather than escalation", said Jimmy Pethokoukis, fellow at the American Enterprise Institute.

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This week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on U.S. charges related to possible violations of trade sanctions against Iran.

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