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TRADE WARS
Trump says confident in US trade deal with China
by Staff Writers
Washington (AFP) Jan 4, 2019

b>US team to visit China for trade talks
Beijing (AFP) Jan 4, 2019 - A US government delegation will visit China next week for the first face-to-face talks since President Donald Trump and his Chinese counterpart agreed on a temporary truce in the trade war, Beijing said Friday.

The US and China have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges.

Deputy US Trade Representative Jeffrey Gerrish will lead the Washington delegation and will discuss "implementing the important consensus" reached by Trump and Chinese President Xi Jinping at the sidelines of the G20 summit in Argentina last year, China's commerce ministry said.

Word of the meeting next Monday and Tuesday follows small signs of progress -- and the absence of new threats from Trump -- while the two sides work to ease trade tensions by March 1.

Trump initiated the trade war because of complaints over unfair Chinese trade practices -- concerns shared by the European Union, Japan and others.

The ceasefire began on December 1 in Buenos Aires after the two heads of state agreed to hold off on further tariffs or retaliation for 90 days.

In December, Beijing's commerce ministry said China and the US "made new progress" on the issues of trade balance and intellectual property -- one of the main sticking points of the trade dispute -- during a phone call between officials from the two countries.

China's major state-owned grain stockpiler also said it had resumed buying US soybeans, and Beijing announced it would suspend extra tariffs on US-made cars and auto parts starting January 1.

The bruising trade war comes as China grapples with a slowing domestic economy. Growth is expected by the government to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017.

The country's manufacturing sector has also been hit by the trade dispute, contracting last month for the first time in over two years, according to official data.

US firms that rely on Chinese consumers have also been impacted by the country's economic slowdown.

Shares in Apple slid nine percent after it announced late Wednesday that it was trimming its sales forecast for the most recent quarter, citing steeper-than-expected "economic deceleration" in China -- one of its largest overseas markets -- amid the US-China trade war.

President Donald Trump said Friday he is confident Washington and Beijing will reach a deal to bring to a close the months-long trade dispute that has roiled global financial markets.

"I think we will make a deal with China," Trump said at the White House, and noted that talks are underway with China "at the highest levels."

With the Chinese economy slowing, "I really think they want to" reach an agreement, he told reporters. "I think they sort of have to."

A US delegation is due to travel to Beijing to hold negotiations Monday, but Trump said he and Chinese leader Xi Jinping already have been actively engaged in the talks.

"We have a massive trade negotiation going on with China. President Xi is very much involved, so am I. We're dealing at the highest levels and we're doing very well," he said.

Trump and Xi agreed to a three-month cease fire after imposing steep tariffs on hundreds of billions of dollars in two-way trade, which has raised fears of slowing economic growth and added to investor jitters worldwide.

Trump repeated that the US has "taken in billions and billions of dollars in tariffs from China and from others," despite the fact import duties are increasing costs for American businesses and consumers.

The New York Federal Reserve bank said in an analysis Friday that "higher import tariffs had immediate impacts on US domestic prices," raising the consumer and producer prices by 0.3 percentage points higher than they would otherwise have been.

Deputy US Trade Representative Jeffrey Gerrish is due lead the team to China for the first face-to-face discussions, which will include officials from the Treasury, Commerce and Agriculture departments as well.

The bruising trade war comes as China grapples with a slowing domestic economy. Growth is expected by the government to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017.

The manufacturing sectors in both countries have been hit by the trade dispute, and Apple shares dropped sharply after reporting steeper-than-expected "economic deceleration" in the last quarter in China -- one of its largest overseas markets.

Trump said he has urged Apple chief Tim Cook to "make your product in the United States" rather than China.


Related Links
Global Trade News


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TRADE WARS
China, US trade negotiators plan 'to meet in January'
Beijing (AFP) Dec 27, 2018
Trade negotiators from China and the United States are planning to meet in January for talks, Beijing said Thursday, but stopped short of confirming the exact date or location. Both sides are engaged in a bruising trade war but relations have thawed since Chinese President Xi Jinping and US President Donald Trump agreed to a 90-day truce earlier this month. "The Chinese and US economic and trade teams have always maintained close communication," said commerce ministry spokesman Gao Feng at a r ... read more

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