No deal reached in US-China trade talks

Devin Lawrence
January 10, 2019

U.S. President Donald Trump argued that China has not treated the U.S. fairly in terms of trade.

If no deal is reached by 2 March, Trump has said he will proceed with raising tariffs to 25% from 10% on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade.

China and the United States "conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving issues of mutual concerns", the commerce ministry said in a statement.

"After a awful December for risk markets, crude oil continues to catch a positive vibe", said Stephen Innes at futures brokerage Oanda in Singapore, noting that investors were growing less fearful that U.S.

The mid-level talks were the first face-to-face meeting between the two sides since their leaders met on 1 December 2018.

The Trump administration wants Beijing to abandon its strategy of seeking global industrial predominance through the alleged theft and forced transfer of American technology as well as massive state intervention in markets.

American negotiators said in a statement Wednesday that there was a focus on discussing purchases of "a substantial amount" of agricultural, energy, manufactured goods and other products and services from the USA by China but did not specify any new deals.

As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear if that would disrupt the proceedings.

China is strong and has its own needs, said the Global Times, published by the ruling Communist Party. The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.

U.S. Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney, center, who is part of U.S. trade delegation leaves from a hotel for a second day of meetings with Chinese officials in Beijing, China, Tuesday, Jan. 8, 2019.

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Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports. Forecasters expect American orders to slump this year.

Tesla broke ground this week in Shanghai on its first factory outside the U.S. Musk said production of its Model 3 would start late this year.

The extra day of talks came amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets.

Trump is also under pressure to reach an agreement amid a United States economic slowdown and high levels of volatility on Wall Street.

Companies, disappointed that Beijing hasn't kept past commitments, also want any deal to ensure that China faces "some kind of penalty for not doing what they promised", Parker said.

If US crude futures can break through the $55 level, "you're going to see real yields probably lower".

But it also said any deal with China must be followed up with ongoing verification and enforcement.

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

The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish.

Official US fuel storage data from the Energy Information Administration is due at 1800 GMT on Wednesday.

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