China and United States to hold trade talks in Beijing next week
08 January, 2019, 00:14 | Author: Orlando Hughes
While Trump and other officials have said talks between the two sides are progressing well, they have given few details on concessions that China has made.
Trump has said talks toward a deal are progressing well, but it was unclear if Beijing will yield to key USA demands over trade imbalances, market access, and alleged Chinese abuses of intellectual property.
China and the United States have been engaged in a trade war since Trump announced in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit.
The upcoming talks will be the first formal negotiations on trade between the world's two biggest economies since President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to a truce at the G20 summit in Argentina last month.
Beyond iPhones designed in California, engines made in OH or soybeans grown in Iowa, the trade issue the U.S.is pursuing is the protection of American technology in China.
The New York Federal Reserve bank said in an analysis Friday that "higher import tariffs had immediate impacts on United States domestic prices", raising the consumer and producer prices by 0.3 percentage points higher than they would otherwise have been. There are fears of both sides hiking tariffs if no deal is reached.
With the Chinese economy slowing, "I really think they want to" reach an agreement, he told reporters. Growth is expected by the government to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017.
In addition to Gerrish, the U.S. team will include the Office of the U.S. Trade Representative's top negotiator on agricultural issues, Gregg Doud; Treasury Under Secretary for International Affairs David Malpass; Commerce Under Secretary for International Trade Gilbert Kaplan; the U.S. Agriculture Department's under secretary for trade and foreign affairs, Ted McKinney; the U.S. Department of Energy's assistant secretary for fossil energy, Steven Winberg; and other senior officials. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week. They criticize his tactics but echo US complaints about Chinese industrial policy and market barriers.
"Apple makes its product in China".
Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report.
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According to the state-backed Xinhua news agency, Xi said that history had proved cooperation was the best choice for both sides. This has brought huge benefits to the two peoples and contributed greatly to world peace, stability and prosperity, Mr Xi added.