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15
February 2019
 |
U.S.-China trade (The Total Investment & Insurance
Solutions)
Talks between China and the United States to
resolve their bruising trade war will resume next week in Washington, with both
sides saying this week’s negotiations in Beijing made progress.
The White House stood by its March 1 deadline
for reaching a deal or raising tariffs on certain Chinese goods, despite U.S. President
Donald Trump having said he was reluctantly willing to let the target date
slide.
White House Press Secretary Sarah Sanders
said in a statement on Friday the two economic superpowers “will continue
working on all outstanding issues in advance of the March 1, 2019, deadline.”
“These detailed and intensive discussions led
to progress between the two parties. Much work remains, however,” Sanders said
about the Beijing round of talks.
China and the United States reached a
consensus in principle on some key issues during the talks, China’s state news
agency Xinhua said on Friday, adding they had a detailed discussion on a
memorandum of understanding on trade and economic issues. It gave no details.
The countries focused this week on
technology, intellectual property rights, agriculture, services, non-tariff
barriers and currency, and discussed potential Chinese purchases of U.S. goods
and services to reduce a “large and persistent bilateral trade deficit,”
Sanders said.
Chinese President Xi Jinping met U.S. Trade
Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on
Friday after a week of talks at senior and deputy levels, and called for a deal
both sides could accept, Chinese state media said.
U.S. duties on $200 billion in imports from
China are set to rise to 25 percent from 10 percent if no deal is reached by
March 1 to address U.S. demands that China curb forced technology transfers and
better enforce intellectual property rights.
After talks on Thursday, Mnuchin said on Twitter
that he and Lighthizer had held “productive meetings” with Xi’s top economic
adviser, Vice Premier Liu He.
“The consultations between the two sides’
teams achieved important step-by-step progress,” Xi said, according to state
television.
“Next week, both sides will meet again in
Washington. I hope you will continue efforts to advance reaching a mutually
beneficial, win-win agreement,” Xi said at Beijing’s Great Hall of the People.
He added that China was willing to take a
“cooperative approach” to settling bilateral trade frictions.
Lighthizer told Xi the senior officials had
“two very good days” of talks.
“We feel that we have made headway on very,
very important, and very difficult issues. We have additional work to do but we
are hopeful,” Lighthizer said, according to a foreign media pool video.
Neither country has offered new details on
how they might de-escalate the tariff war that has roiled financial markets and
disrupted manufacturing supply chains.
Although Trump said this week that an
extension of the tariff deadline was possible if a “real deal” was close, Larry
Kudlow, director of the U.S. National Economic Council, has said the White
House had made no such decision.The
Total Investment & Insurance Solutions
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