Wednesday, 23 January, 2019

Markets buoyed by optimism over US-China trade talks

USS Mc Campbell departs Sydney Aus. July 2017 USS Mc Campbell departs Sydney Aus. July 2017
Rhonda Young | 10 January, 2019, 03:54

People familiar with the talks said the world's two largest economies were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of United States technology and on how to hold Beijing to its promises.

The US wrapped up three days of mid-level talks with China in Beijing on Wednesday (Jan 9), noting a commitment by President Xi Jinping's government to buy more US agricultural goods, energy and manufactured products.

Asian markets rose on increasing optimism that the two sides would be able to hammer out a deal ahead of a March deadline and avert further import tariff hikes.

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".

Because of this, I think that we will eventually continue to go much higher. In a Tweet Tuesday morning, President Donald Trump said the talks were "going very well!".

China's foreign ministry confirmed the negotiations had ended in Beijing but declined to comment on the outcome, saying details would be released later.

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China's position on trade is "transparent and the US side is well aware of it", said Lu Kang.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, had been scheduled to end its visit on Tuesday.

After extending to an unexpected third day, trade talks between USA and Chinese officials have concluded, a spokesman for the Chinese foreign ministry announced Wednesday morning.

The Trump administration wants Beijing to abandon its strategy of seeking global industrial predominance through the alleged theft and forced transfer of American technology as well as massive state intervention in markets. Some disagreements remain on structural issues and they need to be addressed when more senior negotiators meet later on, according to Chinese officials involved in the discussions who asked not to be identified. "Our sense is that there's good progress on the purchase piece", said one person familiar with the talks.

Mr Ross said there was a "very good chance" of reaching an agreement, although monitoring compliance would present a challenge. Such a move would significantly escalate the months-long trade war between the world's top two economies.

"The US is very clear about China's stance".

US, China extend talks on trade battle for 3rd day
The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade. The US delegation, led by deputy trade representative Jeffrey Gerrish, had been scheduled to end its visit on Tuesday.

Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration.

"I don't see any linkage with the trade talks", said Ms Glaser.

The US smartphone maker has felt the pinch of the bruising trade spat, and warned that 2018 revenues would miss its forecast - in large part due to a slump in iPhone sales in China.

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods a year ago and has threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property to hacking.

On Monday, Chinese importers made another large purchase of USA soybeans, their third in the past month.

Global financial markets retreated late past year, largely over concerns about the economic impact of a protracted trade war. However, he cautioned, "Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off". If a "REAL" deal with China is possible, the US will "get it done", Trump tweeted shortly after his dinner with Jinping last month.

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"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the U.S.

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