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techkenyot.com June 18, 2019


US, China wrap up trade talks in Beijing

09 January 2019, 06:57 | Hattie Nash

China Risk

China Risk

The meetings were the first since Chinese President Xi Jinping and his United States counterpart Donald Trump agreed to a 90-day truce to the trade war on the sidelines of the G20 summit in Buenos Aires in December.

Speaking at a daily news briefing, Chinese foreign ministry spokesman Lu Kang confirmed both sides had agreed to extend the talks beyond Monday and Tuesday as originally scheduled. The two sides are meeting face-to-face for the first time since Trump and his Chinese counterpart Xi Jinping agreed on December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

"Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the US and China", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. U.S. President Donald Trump tweeted, without elaborating.

Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports.

American officials welcomed a "good few days" as they prepared to depart Beijing today, raising hopes that the world's two largest economies could draw a line under their acrimonious dispute and reach a deal.

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"Talks with China are going very well!".

The more intractable issues related to structural reforms to China's industrial policies, as well as enforcement of any pledges, have been raised by officials on both sides, though there is little clarity on details.

The U.S. delegation was led by Deputy U.S. Trade Representative Jeffrey Gerrish and accompanied by senior officials from the White House, U.S. Trade Representative (USTR), and the U.S. Departments of Agriculture, Commerce, Energy, and Treasury, according to the USTR.

China claims nearly all of the strategic South China Sea and frequently lambastes the United States and its allies over naval operations near Chinese-occupied islands. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel as at 0131, up 51 cents, or 1 percent from their last settlement.

"The positive news around the trade talks is giving a boost to risk assets - it's what the global economy needs to see", said Chris Scicluna, head of economic research at Daiwa Capital Markets in London.

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The president has focused on the stock market as it's fallen over the past month as a gauge of success or failure, expressing frustration at the volatility, the people said.

Beijing responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses. Unlike many other news organizations, we have not put up a paywall.

The United States has long complained about access to the vast Chinese market and Beijing's demands US companies reveal their technology advances.

Chinese growth fell to a post-global crisis low of 6.5 per cent in the quarter ending in September.

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications.

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