China confirms USA trade talks in Beijing next week

Erika Holt
January 7, 2019

The US and China have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges.

The two countries face a March deadline to resolve talks putting an end to the trade wars. Yet those very pressures, analysts say, give the two countries a stronger incentive to make peace.

The battle has disrupted businesses and stoked fears about the impact on the global economy.

The economic threats, agreed Wang Yong, an global relations specialist at Peking University, "might be conducive to negotiations" by nudging Beijing toward market-oriented changes long sought by the United States.

The arrest highlighted the intensifying clash between the world's top two economies over technology.

President Trump initiated the trade war over complaints of unfair Chinese trading practices.

Negotiations between the two nations are expected to resume next week. Both countries made a decision to suspend imposition of new tariffs on each other for the next 90 days and implement consensus that were reached between both presidents during the G20 meeting earlier this month.

The Commerce Ministry confirmed that Gerrish would lead the U.S. delegation at the talks.

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The world is watching anxiously. Officialsfrom both countries spoke on the phone Friday, it added. Somewhat cryptically, Romney says the "project" to "repair failings in our politics at home" must begin "with the highest office once again acting to inspire and unite us".

The U.S. accuses China of deploying predatory tactics in a drive to surpass America's technological supremacy. As a result, the president initiated tariffs that made certain goods imported from China more expensive to USA citizens, damping demand for these products. As of July, the USA was running a $222.6 billion trade deficit with China.

After a global sell-off triggered by Apple's warning of lower revenues, Hong Kong's Hang Seng Index climbed 2.2 percent to 25, 626.03 and the Shanghai Composite Index jumped 2.1 percent to 2, 514.87.

The U.S. Federal Reserve's interest rate increases have caused investors to move in and out of various markets, hitting some emerging markets hard. "I think we will make a deal with China". Cutting a deal with Beijing could help at least reduce the threat. Growth is expected by the government to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017. But heavy government spending masked weakness in private-sector activity. On Thursday, a key gauge of factory activity in the U.S. fell by the most in more than a decade in December as hiring and new orders slowed sharply. Auto sales tumbled 16 percent in November over a year earlier and weak real estate sales are forcing developers to cut prices.

"We know what sort of changes we need", White House economic adviser Larry Kudlow said in an interview with Fox Business on Friday.

USTR said the delegation will include USTR Chief Agricultural Negotiator Gregg Doud, USDA Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, Department of Commerce Under Secretary for International Trade Gilbert Kaplan, Department of Energy Assistant Secretary for Fossil Energy Steven Winberg, and Treasury's Under Secretary for International Affairs David Malpass.

"Clearly both sides are feeling economic stress, but both have high ambitions". "However, these reasons can only take you so far..."

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