US Expresses Optimism About Trade Talks with China
US Expresses Optimism About Trade Talks with China
The USS Decatur sailing through the South China Sea in 2016
09 January, 2019, 08:28
The two countries have until March 1 before USA tariffs on some US$200 billion in Chinese goods are set to rise to 25 per cent from 10 per cent.
Forecasters at the International Monetary Fund and the Organization for Economic Cooperation and Development have downgraded their outlook for the global economy, citing among other things the costs and uncertainty arising from the standoff between the USA and China.
"We're looking at commentary from the Fed suggesting they're going to be flexible around rate hikes, there's positive commentary on the USA trade war", said Christopher Anselmo, director at Nasdaq IR Intelligence.
On Monday the USS McCampbell, a guided missile destroyer, sailed within 12 nautical miles of the Paracel Islands "to challenge excessive maritime claims" by China, Pacific Fleet spokeswoman Rachel McMarr said.
Deputy U.S. Trade Representative Jeffrey Gerrish is leading the American delegation in Beijing.
After these discussions, Trump is expected to hold talks with Chinese Vice President Wang Qishan later this month at the World Economic Forum in Davos, Switzerland, according to the South China Morning Post.
Wall Street stocks rose for the third straight session on Tuesday (Jan 8), boosted by optimism over US-China trade talks.
The meeting marks the first face-to-face talks between the two governments since Chinese President Xi Jinping and President Donald Trump agreed to a tariff truce when they met during G-20 summit.
Ministry spokesman Lu said Monday during a routine briefing that Chinese military aircraft and naval vessels were dispatched to identify the USA vessel and warn it to leave the area near disputed islands in the South China Sea.
The United States and China are likely to reach a good settlement over immediate trade issues while agreement on structural trade issues and enforcement will be harder, U.S. Secretary of Commerce Wilbur Ross said on Monday as U.S.
Hundreds of billions in levies.
The gulf between the USA and China poses one of the top global risks in 2019, according to the Eurasia Group, a political risk consultancy. He said the warship, which he said was the destroyer the USS McCampbell, had violated Chinese and worldwide law, infringed on Chinese sovereignty and undermined peace and stability. Economists expect American orders from China to slump this year, at a time when global consumer demand is weakening.
A member of the USA trade delegation to China, carries a folder as he leaves a hotel in Beijing, Jan. 7, 2019.
Chinese officials have suggested Beijing might alter its industrial plans but they reject pressure to abandon a strategy seen by communist leaders as a path to prosperity and greater global influence.
Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration. The threat of USA tariff hikes was the "dominating factor" for almost half, while others moved because of higher costs or tighter environmental regulation. There is no question that the Chinese want the deal, they need the deal.
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