US, China wrap up talks on tariff battle

Roman Schwartz
January 10, 2019

Delegations from China and the United States ended three days of trade talks in Beijing on Wednesday in the first face-to-face negotiations since both sides agreed a 90-day truce in a trade war that has disrupted the flow of hundreds of billions of dollars of goods.

Both sides have implemented the consensus reached by Chinese President Xi Jinping and his United States counterpart Donald Trump, and had in-depth discussions about structural economic problems, the ministry said in a statement.

Steven Winberg, assistant secretary for fossil energy, has told reporters that discussions will be extended for another day.

Freight costs for shipments scheduled to arrive in Asia in late March and April this year are US$0.50 lower per barrel of oil than they were for shipments scheduled to arrive at refineries in December as buyers were in a rush to secure crude ahead of the Iran sanctions that went into effect in early November.

U.S. President Donald Trump argued that China has not treated the U.S. fairly in terms of trade.

"Dovish Fed minutes and positive developments out from the U.S".

China said Thursday (Jan 10) that trade talks in Beijing with a USA negotiating team had "laid the foundation" to resolve concerns held by both sides in a bruising trade war.

The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

A Chinese Foreign Ministry spokesperson rejected suggestions that Kim's visit was intended as a bargaining chip during the trade talks.

There has been some indication of Chinese moves to address concerns regarding forced technology transfer, including recently proposed legislation that would bar local governments from forcing foreign firms to transfer technology or illegally restrict market access.

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But the bloc refuses to reopen the agreement, and opposition to the negotiated deal remains strong among British lawmakers. He said: "I can be very clear that the government's policy is to leave on 29th March".

"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 US-China Business Council, which represents American companies that do business with China.

The talks "enhanced mutual understanding, and established a foundation for solving, each other's concerns", said the statement, stressing that both sides agreed to maintain close communication, while providing few other details.

Ross said there was a "very good chance" of reaching an agreement, although monitoring compliance would present a challenge.

The Global Times commentary said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed.

"I don't speak for them obviously", Cook told CNBC in reference to the Trump administration.

In addition to the large trade deficit, the U.S. has long complained about such structural issues. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

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.

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.

Kim's train left Beijing on Wednesday around the same time the USA trade negotiators headed for the airport.

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