Sunday, 17 February, 2019

Trump Says Trade Talks With China 'Going Very Well'

US trade deficit with China expands China Implementing Agreed-Upon Trade Deals With US, Official Says
Laurie Berry | 07 December, 2018, 23:48

China and the US have highly overlapping interests in economic and trade issues and share complementarity in structural demands, MOC spokesman Gao Feng told a press briefing.

China's President Xi Jinping and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on 9 November 2017.

The clock started ticking on December 1, when Trump met in Buenos Aires with China's leader Xi Jinping and agreed to work towards an agreement to roll back the exchange of tariffs on hundreds of billions of dollars in two-way trade.

"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", a commerce ministry spokesman, Gao Feng, said at a regular press briefing.

"Then, in the next 90 days, we will follow a clear timetable and roadmap to negotiate on issues such as intellectual property right protection, tech cooperation, market access and trade balance", he said, stressing the consultations should be based on meeting the interests of both parties.

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After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

China's ultimate goal during the 90-day trade talks is to remove all US tariffs imposed on Chinese goods, Gao said. China had been the largest purchaser of US soybeans, buying $12.25 billion worth of that product in 2017.

The two sides will negotiate structural changes to forced technology transfer, intellectual property protection, cyber-intrusions and cybertheft, services and agriculture, according to the White House.

That was compounded by news that a top executive at Chinese telecoms giant Huawei had been arrested in Canada and faces extradition to the United States over allegations the firm had broken sanctions linked to Iran.

"China is full of confidence in reaching an agreement within the next 90 days", the spokesman said.

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