US, China trade talks conclude on positive note

Mae Love
January 10, 2019

Both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern, said the statement.

The two sides will keep in close contact, it added.

The ongoing trade war has already seen new tariffs introduced on $250 billion worth of Chinese imports and Beijing respond with levies on $110 billion of USA goods.

"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.

China - Pyongyang's sole diplomatic ally and main source of trade - said it would not use Kim's visit as a bargaining chip in the USA trade talks.

Facing a March deadline, talks aimed at ending a trade war between China and the US are underway, with the world's two biggest economies expressing optimism over the potential for progress. But what, if anything, can markets expect from the current dialogue, and where do we go from here?

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"The hard work of addressing structural issues to create a level playing field in China do not appear to have been resolved", said Lester Ross, a policy committee chief at the American Chamber of Commerce and also partner-in-charge at the Beijing office of law firm WilmerHale. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based global order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

The extra day of talks came amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets.

McKinney's sentiment echoed that of President Donald Trump, who tweeted early Tuesday that the talks "are going very well!". -China Business Council said in a statement.

The mid-level talks were the first face-to-face meeting between the two sides since both presidents met on December 1. Over dinner in Argentina last month, Trump and Chinese president Xi Jinping agreed to a 90-day tariff truce so that negotiations could take place.

The US imposed tariffs on more than $250bn (£195.6bn) worth of Chinese goods, with the threat of more to come.

"Talks with China are going very well!".

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.

China is now America's largest goods trading partner with Dollars 635.4 billion in total (two way) goods trade during 2017.

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