Home » Money

China and USA schedule more trade talks before March deadline

01 February, 2019, 00:07 | Author: Sara Gill
  • US and China launch trade talks amid differences over economic reforms

At the head of a 30-person delegation from Beijing, Chinese Vice Premier Liu He greeted his counterpart, US Trade Representative Robert Lighthizer, against the backdrop of Washington's prosecution of Chinese telecoms giant Huawei, which has outraged Beijing and infused the negotiations with uncertainty.

Trade talks with Chinese officials in Washington are going well, President Donald Trump said on Thursday as he prepared to meet a top official from China at the White House, Trend reports referring to Reuters.

The core of the USA allegations against China is that Beijing systematically steals trade secrets, forces foreign companies to hand over technology as the price of access to the Chinese market and subsidizes its own tech companies.

If the two sides can not reach an agreement by 1 March, the USA has said it will increase the tariff rate from 10% to 25% on Chinese goods worth an estimated $200bn.

Trump has threatened to raise tariffs on $200 billion of goods to 25 percent from 10 percent on March 2 if an agreement can not be reached. After meeting earlier this month, they said they planned to finalize "text-based work" on industrial subsidies early this year and then engage other key WTO members.

"I'd like to accommodate China if we can get the deal done".

While saying that Wednesday's first meetings between American and Chinese negotiators had gone well, Trump added in a morning tweet that "No final deal will be made until my friend President Xi, and I, meet in the near future to discuss and agree on some of the long-standing and more hard points".

But he said China wanted to strike a deal to avoid an increase in tariffs.

Trump said any deal must include China opening its market to USA financial institutions, manufacturing and agriculture as well as other unspecified "businesses and industries".

Trump has not yet directly involved himself in the current round of trade talks with the Chinese delegation, but assured his followers that so far things had gone well.

Chinese Vice Premier Liu He and a heavyweight economic team that includes People's Bank Governor Yi Gang and Commerce Vice Minister Wang Shouwen are scheduled to hold two days of meetings.

This is the second round of talks since Presidents Donald Trump and Xi Jinping met in Argentina past year and agreed to negotiate in the hope of defusing an escalating tariff war.

Beijing hit back with duties on virtually every product it buys from the United States, about $110 billion in goods annually.

Washington also doesn't like that Beijing subsidizes its tech industry as part of its "Belt and Road" initiative to become the world's leader in critical sectors, such as artificial intelligence and robotics.

He pushed Trump to renegotiate NAFTA and vigorously defended the punitive tariffs imposed on USA imports of steel and aluminum, a protectionist measure that prompted the departure of Trump's former chief economic adviser, Gary Cohn, who was more pragmatic than dogmatic and highly respected by financial markets.

The sides are expected to discuss protection of United States intellectual property, the forced transfer of U.S. technology through joint ventures, and enforcement mechanisms to verify that China follows through on any promised changes.

Mr. Trump has threatened to tax every good imported from China unless an agreement can be reached, amounting to an additional more than $250 billion.

But US Treasury Secretary Steven Mnuchin said Tuesday he expected "significant progress", and noted the governments had time left remaining in their truce.

U.S. officials insist that the Huawei case is entirely separate from the trade negotiations.



Polar Vortex Makes Chicago Colder Than the South Pole
Residents should ensure that they have a proper amount of propane, wood pellets and/or firewood to last during this cold outbreak. You're talking about frostbite and hypothermia issues very quickly, like in a matter of minutes, maybe seconds", Hurley said .

Becky Lynch vs. Ronda Rousey Set For WrestleMania 35
While talking about Sasha Banks, whom Rousey beat Sunday night at the Royal Rumble , her words turned to gibberish. The ending of the women's Royal Rumble match has certainly left the door open for Charlotte to factor into things.

Fans flock to Gillette Stadium for Patriots Super Bowl rally
The " Harry Potter " star admitted he doesn't think Brady, 41, should retire, but that "he should stop winning things". He has also led his team to five Super Bowl victories - and this Sunday night could be their sixth.

Influenza vaccine numbers down as Wales flu season begins
An increase in flu activity over the last week has led to school closures in at least 12 states, including New Jersey. As of January 13 of the 2017-18 season, flu attributed to 3.23 percent of all outpatient visits in Iowa.

WWE Royal Rumble 2019: Every Entrant In Both Rumble Matches
Then the Rumble followed, robbing any and all headlines that the acclaimed triple threat would have otherwise earned. But the champion was still in control in this Royal Rumble title match hitting German suplexes inside the ring.

Bradley Cooper and Lady Gaga Surprise Las Vegas Audience With Shallow Duet
Going by the crowd reaction, you've got to imagine that a possible tour has been floated for Bradley Cooper and Lady Gaga . In a video of the duet, Cooper and Gaga look into each other's eyes as she plays the piano, and rests his hand on her arm.

White House: President Trump OK with second shutdown over border wall spat
Trump doesn't get the wall money he wants in the new round of negotiations. Neither party has shown much appetite for another shutdown if Mr.

Venezuela Allows US Diplomats To Stay After Pompeo Draws A Hard Line
This is the USA supporting the people of Venezuela, who want their constitution and democracy followed. The uprising was quelled and 25 guardsmen were arrested.

NFL Hits Rams' Nickell Robey-Coleman With $26K Fine For Controversial Play
No penalty was called, although Payton said Riveron told him the officials "blew the call" by not penalizing Robey-Coleman. The metamorphosis of the Ravens began with the ascension of rookie Lamar Jackson to starting quarterback in November.

PDP Rejects Moves To Increase VAT, Says Buhari's Administration Is Insensitive
He was cleared of similar non-declaration of assets charges on appeal at Onnoghen's Supreme Court previous year . The judiciary and chief justice would play a major role in the event of a disputed election.