Published: Fri, January 11, 2019

China says trade talks with US were extensive

China says trade talks with US were extensive

Also, he did not say when the next round of talks might be held or who might attend, only that discussions between the two sides continue.

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.

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

Prior to the meeting, China made a number of concessions to US demands including temporarily cutting punitive tariffs on USA -made cars, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

Chinese foreign ministry spokesman Lu Kang said a one-day extension in talks showed both sides are serious about the negotiations.

"The talk has enhanced mutual understanding and laid a foundation for addressing each other's concerns", it said.

Chinese exports to the USA have held up despite tariff increases, partly due to exporters rushing to fill orders before more increases hit.

"Asian stocks jumped after trade talks were extended for an unscheduled third day, fueling hopes that the world's two largest economies may soon reach a trade deal, putting an end to months of tariffs on each other's goods", reports NPR's Shanghai-based correspondent Rob Schmitz.

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to Dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "very well".

Analysts said the positive momentum of the talks will need to be followed up by more senior officials.

ANALYST'S TAKE: "While there was agreement on less thorny issues such as agriculture and energy, US demands for verification and enforceable targets on intellectual property rights, transfer of technologies and non-tariff barriers may not be that easily addressed", DBS Group Research strategists Eugene Leow and Neel Gopalakrishnan said in a commentary.


In November, Chief Executive of the Russian Export Center Andrey Slepnev said that the projected figure of $100 billion worth of mutual Russia-China trade could double in the years ahead.

China is facing the daunting task of presenting a credible plan to meet Trump's demands to cut down the trade deficit.

But they are a key step before both countries' top negotiators - US Trade Representative Robert Lighthizer and Chinese Vice-Premier Liu He - can sit down to thrash out a deal.The Straits Times.

The extra day of talks came amid signs of progress on issues including purchases of US farm and energy commodities and increased access to China's markets.

And the USA says China has agreed to buy substantially more American goods.

Russia is reportedly ranked as China's tenth biggest trade partner, while China remains a major importer of Russian produce, accounting for 15 percent of the country's worldwide trade as of 2017.

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.

"China is determined to bring the trade war to an end", The Economist has reported.

The 90-day time frame is a tight window in which to nail down deep changes to China's economic model, reforms which past USA administrations advocated for years and US lawmakers on both sides of the aisle support.

A separate geopolitical issue angered China on Monday when a US Navy guided-missile destroyer sailed near disputed islands in the South China Sea - a vast expanse claimed by Beijing.

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