Economy

China Trade Talks End Amid Optimism

China Trade Talks End Amid Optimism

But a statement released earlier by the Office of the United States Trade Representative (USTR) said the talks were held with "a view to achieving needed structural changes in China with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services, and agriculture".

The two sides "implemented the consensus" reached by President Xi Jinping and President Donald Trump in earlier talks, and discussed both trade and structural issues in the meetings, which took place January 7 to January 9.

Negotiators from both the US and China expressed optimism after mid-level talks wrapped in Beijing this week, boosting sentiment across global markets.

Three days of US-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Donald Trump said they were "going very well!".

Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods. Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US-made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

The negotiations were extended from the two days initially scheduled, according to the Chinese.

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China says the talks established a basis for resolving the concerns of both sides.

President Trump took to Twitter Tuesday to give his take on current negotiations, declaring talks with China are going very well.

When asked about progress in those areas on Thursday, China's commerce ministry spokesman Gao Feng said that structural issues were a focus of the talks.

The US president is increasingly eager to strike a deal with China soon in an effort to perk up financial markets that have slumped on concerns over the trade war, according to people familiar with internal White House deliberations. The council and other US business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies.

"The earlier escalation of the trade conflict between the US and China and souring bilateral relations appear to have given way to a more conciliatory approach since early December", he wrote in a note Thursday. The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side. -China Business Council. "That is very positive".

A reduction in Chinese imports of USA goods came quickly after the retaliatory imposition of tariffs, the data show. 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.