Published: Thu, January 10, 2019
Money | By Bruce West

China says trade talks with U.S. set foundation to resolve concerns

China says trade talks with U.S. set foundation to resolve concerns

But he added, "The two sides both have responsibility to create necessary and good atmosphere to this end".

Jon Cowley, a senior lawyer at Baker McKenzie's worldwide commercial and trade practice group, said he expected that negotiators may have put together a framework for an agreement, but that existing tariffs would not be fully eliminated unless China met the USA "all the way".

Gold prices rose on Wednesday, with spot gold (XAU=) up 0.68 percent to $1,293.65 per ounce. President Xi Jinping responded by imposing penalties on $110 billion of American goods, slowing customs clearance for US companies and suspending issuing licenses in finance and other businesses.

The meetings in Beijing were the first formal trade negotiations between the two sides since President Donald Trump and Chinese leader Xi Jinping agreed to a truce at the G20 summit in Argentina last month.

President Donald Trump also boasted about the progress, tweeting Tuesday that "Talks with China are going very well!".

Ted McKinney, U.S. under secretary of agriculture for trade and foreign agricultural affairs, said the U.S. trade delegation would return to the United States later on Wednesday after a "good few days".

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration.

The talks were the first face-to-face meeting between the two sides since their leaders met December 1.

While Beijing could take "easy steps" like importing soybeans, cotton and liquefied natural gas from the United States, there would be greater difficulties on the technology front, including China proving its commitment to intellectual property rights with penalties on violators and addressing U.S. restrictions on China's electronic components, Pang said.

China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs.

Beijing has said it will not give up ground on issues it conceives as core. The issues at play have soured the wider U.S.

US companies also want action on Chinese policies they complain improperly favor local companies.

U.S. -China trade talks ended on Wednesday with negotiators focused on Beijing's pledge to buy "a substantial amount" of agricultural, energy and manufactured goods and services from the United States, the U.S. Trade Representative's office said. -China Business Council, which represents American companies that do business with China.

Trump is also under pressure to reach an agreement amid a USA economic slowdown and high levels of volatility on Wall Street. The 28-nation trade bloc filed its own challenge in the World Trade Organization in June against Chinese licensing rules it said hamper the ability of foreign companies to protect and profit from their technology.

"I think China wants to get it resolved".

If US crude futures can break through the $55 level, "you're going to see real yields probably lower".

Chinese officials complain about controls on "dual use" technology with possible military applications.

But it also said any deal with China must be followed up with ongoing verification and enforcement. The US team was led by Deputy US Trade Representative Jeffrey Gerrish, who is reportedly closely aligned to Lighthizer.

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