Published: Mon, January 07, 2019
Global Media | By Garry Long

United States team to visit China for trade talks

United States team to visit China for trade talks

While China has been benefiting from strong import demand in most of its other trading partners except for the United States and Germany, the analysts said, the U.S. has not.

Trade negotiations could still be affected due to the diplomatic row following the arrest of Huawei's Chief Financial Officer Meng Wanzhou in Canada at the request of the U.S. for allegedly violating sanctions against Iran. Washington's goods trade deficit with Beijing hit an all-time high of $US43.1 billion in November, with shipments up by almost a tenth from a year earlier. Beijing responded by imposing penalties on $110 billion of American goods, slowing down customs clearance for USA companies and suspending issuance of licenses in finance and other industries.

The office of the United States Trade Representative also released a statement Friday announcing the delegation that would be representing the US. American officials worry those might erode USA industrial leadership, and complain that China's technological prowess is underpinned by the theft of intellectual property from US firms.

Trump and Xi agreed to a 90-day postponement of more tariff hikes due to take effect January 1.

That agreement saw China commit to renewed purchases of U.S. agricultural goods like soybeans, in return for the delay of a fresh swathe of tariffs Washington was set to impose on Chinese goods.

In the same year, late paramount leader, often credited with China's "Reform and Opening" policy which led to its economic transformation, met USA president in the United States.

With the Chinese economy slowing, "I really think they want to" reach an agreement, he told reporters.

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"Clearly both sides are feeling economic stress, but both have high ambitions".

The U.S. economy remains strong, with the country's 3.7 percent jobless rate at a almost five-decade low.

The Wall Street Journal earlier reported about the trip and said that if there is progress in negotiations, Chinese trade officials led by Vice Premier Liu He will follow up with talks in Washington the following week.

The US and China's trade talks will attempt to end disputes between the two countries, which have been causing volatility in global financial markets. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

Other administration officials at the talks will include Mr Gregg Doud, the US Trade Representative's chief agricultural negotiator, and Mr David Malpass, the Treasury Department's Undersecretary for International Affairs, said the sources. It said the threat of USA tariff hikes was the "dominating factor" for almost half, while others moved due to higher costs or tighter environmental regulation.

"That puts a lot of pressure on China to make a deal", he said. An escalating trade war would make the situation even worse.

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