US, China resume high-stake trade talks

 

US, China resume high-stake trade talks
Donald Trump wants to cut the soaring US trade deficit with China, which in 2017 hit a record $375 billion.

washington - Washington has asked China to agree to far-reaching structural reforms

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Published: Sun 27 Jan 2019, 7:17 PM

Last updated: Sun 3 Feb 2019, 10:16 AM

With a month left in their truce, senior US and Chinese officials will meet in Washington this week, hoping to move toward a bargain to end their unprecedented trade war.

Beijing's trade envoy, Chinese Vice-Premier Liu He, will lead a 30-person delegation at the invitation of US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, who is heading up the American effort.

At a meeting in Argentina last month, US President Donald Trump and his Chinese counterpart Xi Jinping agreed to bury the hatchet provisionally - with Trump delaying a sharp increase on US duties for $200 billion in Chinese goods until March 1.

Washington has made its demands clear: China must agree to far-reaching "structural" reforms in its trade practices, curbing massive state intervention in markets and the alleged theft of American technological know-how, including through hacking and the forced transfer of intellectual property.

Trump also wants to cut the soaring US trade deficit with China, which in 2017 hit a record $375 billion, not including trade in services.

Since last year, the two economies have exchanged tit-for-tat tariffs on more than $360 billion in two-way trade, with the largest amount, more than $250 billion, imposed by Washington. - AFP


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