China says meeting with US on trade in January

Jeannie Matthews
December 30, 2018

China said Thursday that trade negotiators from China and the United States are planning to meet in January for talks.

Trade negotiators from China and the United States are planning to meet in January for talks, Beijing said Thursday, but stopped short of confirming the exact date or location.

According to news reports, both two countries were engaged in a conflict of trade war but the relationship has been thawed since the US President Donald Trump and Chinese President Xi Jinping held talks during G20 summit in Buenos Aries in Argentina this year and agreed on a 90-day truce. Beijing recently announced a third round of tariff cuts, lowering the duties on more than 700 goods starting January first.

It appears to Chinese officials that the USA itself isn't clear on what it wants, said the people, who asked not to be named because the negotiations are private. President Donald Trump has agreed to put on hold a scheduled increase in tariffs on some $200 billion in annual imports from China while the negotiations take place.

But the move, which comes after years of talks on the matter, follows pledges from China's commerce ministry of further us trade openings earlier this week. Visit MarketWatch.com for more information on this news. The two leaders also agreed to launch new talks while the United States delayed a planned January 1 tariff increase until March 2.

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China agreed during G20 meetings with US officials to participate in 90 days of concerted effort to move forward with trade talks.

On Sunday, a meeting of the Standing Committee of the National People's Congress (NPC, China's legislature) saw a draft law that would allow IP theft victims to claim "punitive damages".

While it's positive that USTR will be leading the delegation next month, the two sides are not on track to make the kind of large-scale breakthrough that the Trump administration is seeking, according to Derek Scissors, a China expert at the American Enterprise Institute.

The two countries have been in close communication even during the holiday period, he said.

Trump said his agreement with Xi would go down "as one of the largest deals ever made".

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