USA delegation to visit China for trade talks

USA delegation to visit China for trade talks

USA delegation to visit China for trade talks

American envoys are due in Beijing for talks Monday in a tariff battle over Chinese technology ambitions.

China said a United States delegation will visit next week for trade talks, confirming that the two sides will have their first face-to-face negotiation since President Donald Trump and his counterpart, President Xi Jinping, agreed to a 90-day truce in their trade war last month.

Deputy U.S. Trade Representative Jeffrey Gerrish will lead the U.S. delegation for the talks, the Commerce Ministry said in a statement. Its one-sentence announcement gave no other details of the agenda or who else would take part.

The US and China have exchanged tit-for-tat tariffs on more than $300bn 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.

In addition to Gerrish, the U.S. team will include the Office of the U.S. Trade Representative's top negotiator on agricultural issues, Gregg Doud; Treasury Under Secretary for International Affairs David Malpass; Commerce Under Secretary for International Trade Gilbert Kaplan; the U.S. Agriculture Department's under secretary for trade and foreign affairs, Ted McKinney; the U.S. Department of Energy's assistant secretary for fossil energy, Steven Winberg; and other senior officials.

"The trade tensions between the United States and China put additional pressure on their economy", Cook said in an interview with CNBC Wednesday.

"The negotiations next week are important because they will establish expectations, but we shouldn't expect major breakthroughs", said Mr Myron Brilliant, vice-president of global affairs at the US Chamber of Commerce.

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"There are certainly compelling reasons for both sides to reach a deal and avoid further tariff increases", said Cutler, now vice-president at the Asia Society Policy Institute. Auto sales tumbled 16 percent in November over a year earlier and weak real estate sales are forcing developers to cut prices.

"It's not going to be just Apple", Hassett, the chairman of the Council of Economic Advisers, said.

On January 1, China and the U.S. congratulated each other on the 40th anniversary of the establishment of diplomatic relations between the two countries. Some U.S. demands would require structural reform that may be unpalatable for Chinese leaders.

The makeup of the US team was announced Friday by the trade representative's office.

Hassett said Asian economies including that of China have been slowing quite a bit since last spring and that China is "feeling the blow" of USA tariffs.

The US and China's trade talks will attempt to end disputes between the two countries, which have been causing volatility in global financial markets. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week. American exports to China fell nearly 30 percent in October compared to a year earlier. An escalating trade war would make the situation even worse.

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