US, China hold more trade talks overshadowed by Kim visit

US, China hold more trade talks overshadowed by Kim visit

US, China hold more trade talks overshadowed by Kim visit

U.S. Commerce Secretary Wilbur Ross expressed optimism on Monday, telling CNBC that "there's a very good chance that we'll get a reasonable settlement".

"The relevant action by the US vessel violated Chinese laws and relevant worldwide laws, infringed upon China's sovereignty, and undermined peace, security and order of the relevant waters", Lu said.

An American delegation has been in Beijing since Monday for the first sit-down talks since Trump and Chinese leader Xi Jinping agreed to a three-month truce on Dec 1.

"China would need to significantly recalibrate its industrial policies to fully meet the US trade team's demands", Nick Marro of the Economist Intelligence Unit said in a report.

Still, talks between the world's two biggest economies have repeatedly yielded no breakthroughs since they started in May, and Beijing has repeatedly said it won't cave to US demands.

Chinese Foreign Ministry spokesman Lu Kang said China had made "stern complaints" with the United States about the sighting of the destroyer, but the trade talks went ahead as scheduled. Beijing has retaliated in turn to United States tariffs.

Mr Ted McKinney, US under secretary of agriculture for trade and foreign agricultural affairs, said the US trade delegation is "wrapping up" meetings with Chinese officials and will return to the US later on Wednesday after a "good few days".

"China's position in the China-US trade friction and its solutions to the friction is open, it's transparent", Lu said at a regular press briefing.

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Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods past year and threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property and hacking.

If no deal is reached by March 2, Mr Trump has said he will proceed with raising tariffs to 25 per cent from 10 per cent on US$200 billion (S$271.5 billion) worth of Chinese imports, at a time when China's economy is slowing significantly.

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China and the United States have in the past repeatedly traded barbs over what Washington says is Beijing's militarization of the South China Sea by building military installations on artificial islands and reefs. Among many things, the Communist leader pledged to buy more USA agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules. And to me those are immediate trade.

Liu's appearance at the talks is a "symbol of Xi's personal buy-in" in the effort to reach a deal, said Leland Miller, chief executive officer of China Beige Book, a data-analytics firm that surveys companies across the Chinese economy.

"The Chinese side immediately sent military vessels and aircraft to conduct verification and identification on the US ship and warned it to leave", Lu told the briefing.

The incident could have caused a collision, USA officials said at a time. Preliminary discussions were "a little more optimistic than usual", White House economic adviser Larry Kudlow told Bloomberg TV Friday. US Trade Representative Robert Lighthizer has consistently stressed the latter, emphasizing the importance of binding enforcement mechanisms.

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