China Says Beijing Talks Lay Foundation For Trade Resolution

Lloyd Doyle
January 10, 2019

The Chinese Ministry of Commerce issued a statement saying the two sides had "detailed exchanges" and would "maintain close contact" but gave no details.

China says the talks established a basis for resolving the concerns of both sides.

It appears trade talks between the USA and China are going well as reports suggest the two sides are getting closer on settling their differences.

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".

If no deal is reached by March 2, USA tariffs on $200 billion Chinese goods will rise from 10 percent to 25 percent.

Facing a March deadline, talks aimed at ending a trade war between China and the USA are underway, with the world's two biggest economies expressing optimism over the potential for progress.

In a statement that gave no specific details on the outcome of three days of talks in China's capital this week, USTR said that US and Chinese officials discussed "ways to achieve fairness, reciprocity and balance in trade relations".

"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.

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.

So far, the USA side has described the exchanges in a positive light.

Additionally, the USA and China will meet for a third day on Wednesday. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade. Lu said he had no details and an official statement would be issued later.

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

Although neither side offered details of the meeting, one USA negotiator sounded a note of optimism to reporters after the talks broke up.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, included representatives from the departments of energy, agriculture, treasury and commerce, while the Chinese side was led by Commerce Vice Minister Wang Shouwen. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress.

Almost halfway into the 90-day truce, there have been few concrete details on progress made so far.

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

Other reports by Iphone Fresh

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