Published: Sat, January 12, 2019
Markets | By Noel Gibbs

China-US trade talks conclude, results to be released soon

China-US trade talks conclude, results to be released soon

The U.S.is looking to crack down on China's business practices, including allegations of technology theft along with slashing the trade deficit and getting more access to Chinese markets.

In its first reaction after the talks, the Chinese Commerce Ministry said on Thursday both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern. Lu said he had no details and an official statement would be issued later.

WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day. But it gave no indication of progress on resolving disputes over Beijing's technology ambitions and other thorny issues.

U.S. -CHINA TALKS: Official statements released after the talks, which lasted a day longer than planned, did not say if progress was made on ending a tariffs battle that has shaken financial markets.

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.

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-China trade talks ended in Beijing today, an extension by a day of the two-day sessions planned to follow up on the mandate from the December 1, 2018 talks between President Donald Trump and President Xi Jinping, to reach a resolution of trade disputes by March 1, 2019.

They agreed to maintain close contact, the statement said.

Nevertheless, it sent a message that the USA needs China's assistance on North Korea which could be in jeopardy if Washington keeps pressing on trade.

Chinese officials have suggested Beijing might alter its industrial plans but they have rejected pressure to abandon their blueprint for greater prosperity and global influence.

Shanghai economist Andy Xie says the talks wouldn't have been extended if they were going poorly.

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However, hawks have also been pressing the president to keep his focus on what they see as a long-term fight to address a vast list of Chinese trade abuses and make sure lasting changes in policy are both secured and can be enforced.

Companies in both countries are feeling pain from the effects of the tariffs. Those include subsidies and other favors for high-tech and state-owned industry, rules on technology licensing and preferential treatment of domestic suppliers in government procurement. That reflects American frustration that the Chinese have failed to live up to past commitments.

He had earlier warned that if a deal is not reached by March 1, the end of the 90-day grace period, the United States will increase the tariffs on the Dollars 200 billions of goods from 10 per cent to 25 per cent.

For its part, Beijing is unhappy with U.S. export and investment curbs, suggesting it might demand concessions.

The meeting between the US delegation - led by Deputy US Trade Representative Jeffrey Gerrish and including officials from the Treasury, Commerce, Agriculture and Energy Departments - and the Chinese side ran late into Tuesday night.

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America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for US companies that do business inside China, NPR has reported. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. Forecasters expect American orders to slump this year.

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