China pledges to buy 'substantial amount' of US goods: USTR

12 January, 2019, 13:17 | Author: Frank Williams
  • China optimistic as trade negotiations with US kick off

The indication that some progress was made on trade issues but not on structural ones would help explain why it was the United States' agricultural representative at the talks who characterized the discussion as "a good one for us".

The 90-day time frame is a tight window in which to nail down deep changes to China's economic model, reforms which past US administrations advocated for years and USA lawmakers on both sides of the aisle support.

"The hard work of addressing structural issues to create a level playing field in China do not appear to have been resolved", said Lester Ross, a policy committee chief at the American Chamber of Commerce and also partner-in-charge at the Beijing office of law firm WilmerHale.

While differences remain, experts are optimistic that the two sides will be able to reach an agreement on trade by March 1, the deadline before the United States imposes heightened tariffs on Chinese goods.

"That shows both sides are serious about the talks", Lu said.

US stocks surged Wednesday on optimism that the midlevel talks in Beijing will be followed up with discussions between higher-ranking USA and Chinese officials.

U.S. Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney is chased by journalists as he walks into a hotel after a second day of meetings with Chinese officials in Beijing, Tuesday, Jan. 8, 2019.

Officials say talks are expected to deliver specific commitments to expand market access for U.S. in China, improve protection of intellectual property rights (IPR) and reduce the trade surplus with the USA, but it would take time to reform state-owned firms another major source of friction. -China Business Council. "That is very positive".

And the US says China has agreed to buy substantially more American goods.

The US imposed tariffs on more than $250bn (£195.6bn) worth of Chinese goods, with the threat of more to come.

More news: Huawei arrests in Poland show how Trump v China tests Europe

Washington is pressing Beijing for changes including rolling back plans for government-led creation of Chinese global champions in robotics and other fields.

During that G-20 meeting - which took place in the early days of December in Buenos Aires - Xi agreed to a number of concessions in exchange for Trump agreeing to postpone a round of tariffs on Chinese goods. Still, the path forward remains unclear: Another round of talks hasn't been scheduled, and the government shutdown in the USA has dominated President Donald Trump's attention.

Without a resolution, punitive USA duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

US President Donald Trump is increasingly eager to strike a deal with China soon in an effort to perk up financial markets that have slumped on concerns over the trade war, according to people familiar with internal White House deliberations.

With cooling economic growth raising the urgency for a settlement, this week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

For its part, Beijing is unhappy with USA export and investment curbs, such as controls on "dual use" technology with possible military applications.

US Dollar and China Yuan notes are seen in this picture illustration.

"China is determined to bring the trade war to an end", The Economist has reported.

The negotiations in Beijing this week were "extensive, deep and detailed", China's commerce ministry said.

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