US, China extend talks on trade battle for 3rd day
US, China extend talks on trade battle for 3rd day
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09 January, 2019, 18:58
The meetings were the first since Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed to a 90-day truce to the trade war on the sidelines of the G20 summit in Buenos Aires in December.
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.
The United States and China will continue trade talks in Beijing for an unscheduled third day, U.S. officials said on Tuesday amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets.
USA delegation member Steven Winberg, who is a U.S. assistant secretary for fossil energy, said on Tuesday that the talks are going on well so far, according to a report from Reuters.
Increased purchases by China of United States soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring USA technology to Chinese firms. State newspaper China Daily said on Wednesday that Beijing was keen to put an end to its trade dispute with the United States, but that any agreement must involve compromise on both sides.
The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.
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It also had a mandatory employment verification system to ensure all US employees are authorized to work in the country. The number of illegal border crossings is down from 1.6 million in 2000 to fewer than 400,000 a year ago .
U.S. officials are expected to host China's top trade negotiator, Vice Premier Liu He, in Washington later this month, a source told CNN on Monday.
The US delegation, led by deputy trade representative Jeffrey Gerrish, had been scheduled to end its visit on Tuesday. Among many things, the Communist leader pledged to buy more USA agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.
The truce came after the two sides imposed import duties on more than $300 billion of each other's goods.
Delegates to the talks have not yet revealed what specifically was discussed, or if anything was agreed to.
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.
"It seems there have been no fist fights internally between the two delegations", a person familiar with the progress of the talks told CNN on Tuesday, describing them as "constructive".
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US Dollar and China Yuan notes are seen in this picture illustration.
"We have shown our sincerity, we have established our stand in this, so we don't need other actions to gain the confidence of the US". The bearish pressure on USA greenback eased further in European market hours today on increased investor expectations for positive outcome in Sino-U.S trade talks.
Cooling economic growth in both countries is increasing pressure to reach a settlement.
The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade.
Officials have given scant details on concessions that China might be willing to make to meet USA demands, some of which would require structural reforms unpalatable for Chinese leaders.
Chinese officials complain about controls on "dual use" technology with possible military applications. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.
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