Published: Fri, November 16, 2018
Global News | By Stacy Ballard

China says high-level trade talks with US have resumed

China says high-level trade talks with US have resumed

A top White House economic advisor on Tuesday publicly rebuked a fellow aide over firebrand speech attacking Wall Street's involvement the US-China trade war. "All-out cold war coming if China doesn't change course; we won't back down", Pence was quoted as saying.

Washington should "respect China's sovereignty, security and development interest, as well as the path of development chosen by the Chinese people", said the spokeswoman, Hua Chunying.

But they also were an acknowledgement of just how hard securing a deal will be.

A US Treasury team discussed trade with their Chinese counterparts on Tuesday, a Treasury spokesman said on Wednesday.

"China wants to make a deal", Trump said speaking to reporters in the Oval Office, when asked about an offer made this week by Beijing less than two weeks before the American President meets with Chinese leader Xi Jinping in Argentina at the end of this month.

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"We have another $267bn [in tariffs ready] to go, if we want to", he said.

Duty rates on a $200 billion in imports are due to rise to 25 percent from the current 10 percent, and Trump also is threatening to impose tariffs on another $267 billion of additional Chinese goods.

One scenario suggested by analysts is that Trump and Xi could agree to a ceasefire in Argentina that would prevent further tariffs from taking effect while negotiations continued.

In an address to a Washington think tank on Friday, Mr Navarro, head of a White House trade council, said Wall Street figures were pressuring the White House to reach a resolution with Beijing.

China must offer concessions on intellectual property theft, forced technology transfer, restricted access to Chinese markets and respect for global rules and norms, among other issues, he said.

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In an interview with Washington Post columnist Josh Rogin in which Pence focused on the White House's Indo-Pacific policy, the vice president said his trip to the region "is meant to show the United States has no intention of ceding influence or control" to Beijing.

Responding to Pence's remarks, Chinese Foreign Ministry spokeswoman Hua Chunying said China had always been a "model student" when it came to respecting worldwide rules and norms.

There is also some speculation that Trump is wary of going into the meeting with Xi amid falling U.S. stock valuations, and sees positive trade news as a tactic to boost the market ahead of the meeting.

In comments made before the Chinese response, Wu Baiyi, the director of the Institute of American Studies at the state-run Chinese Academy of Social Sciences, said that a January 1 tariff increase would imperil efforts to reverse trade tensions. "But it will depend on both sides".

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