China-US trade talks conclude, results to be released soon

China-US trade talks conclude, results to be released soon

Trump, a Republican, has accused China of cheating the United States on trade and stealing U.S. intellectual property, though he often has said he has a good personal rapport with Xi.

A statement released by China's Commerce Ministry on Thursday morning said both sides carried out "wide, deep and thorough exchanges" on trade and structural issues of mutual concern.

The two governments have announced no details, but Asian stock markets rose on news of the decision to extend negotiations that originally were planned for two days. She said the timing was unclear but the two sides "are moving towards a more balanced and reciprocal trade agreement with China". The U.S. delegation - which is being led by Deputy Trade Representative Jeffrey Gerrish - is requesting China be specific on what U.S. products it will buy and on what specific dates.

In a statement released on Thursday, China's Commerce Ministry said the country had concluded their trade talks with the USA and the talks were extensive, . while establishing a foundation to resolve both sides' concerns.

The US statement said negotiations dealt with the need for "ongoing verification and effective enforcement".

Going by the media statements given by top Trump administration members, including undersecretary for trade and foreign agricultural affairs Ted McKinney, the U.S. was able to deliberate China into a pledge of buying substantial amount of American agricultural, energy and manufacturing products. United States negotiators are no doubt using the new deadline of March 1 for raising the level of American tariffs from 10 to 25 percent on $200 billion worth of Chinese goods to try to bully Beijing into meeting all USA demands.

However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

"We can confidently say that enough progress was made that the discussions will continue at a higher level", said Craig Allen, president of the U.S. Trump has been bullish on a possible agreement since before his breakthrough meeting with Chinese President Xi Jinping in Buenos Aires on December 1, and he tweeted on January 8 that "Talks with China are going very well!".


USA officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement.

Without a resolution, punitive United States duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

President Trump has said if no deal is reached before the truce expires on March 2, he will increase duties on $200bn worth of Chinese goods from 10% to 25%. China retaliated with tariffs of its own.

U.S. exports to China have also been hit by retaliatory tariffs, slumping by 42 percent in October on the goods affected, according to the US-based consultancy, The Trade Partnership. "Progress should include a mechanism for the removal of tariffs and measurable, commercially meaningful outcomes", the U.S.

As Hu Xijin, the editor-in-chief of China's Global Times newspaper, noted on Twitter, trade issues were addressed "most smoothly".

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.

Foreign Ministry spokesman Lu Kang held a news conference in Beijing after the conclusion of the negotiations.

U.S. Commerce Secretary Wilbur Ross expressed optimism on Monday, telling CNBC that "there's a very good chance that we'll get a reasonable settlement".

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