WASHINGTON (Reuters) – The US and Chinese trade chapters continued to face-to-face talks for the first time in almost two months on Thursday, as the world's two largest economies try to close deep policy differences and a way away from their long war trade.
PHOTO FILE: Chinese and US flags approaching the Bund, before a US trade delegation meets with their Chinese counterparts for talks in Shanghai, China 30 July, 2019. REUTERS / Aly Song / File Photo / File Photo
The negotiations, which will run until Friday, aim to lay the groundwork for high-level talks in early October to determine whether both countries are working towards a solution or have new and higher tariffs They involve each other's goods.
A delegation of about 30 Chinese officials, led by Deputy Minister for Finance Liao Min, met with colleagues at the Trade Representatives' Office (USTR) near the White House. Deputy USTR Jeffrey Gerrish was in charge of the delegation of the United States.
The debates focus heavily on agriculture, including US demands, which increase the purchase of American soybeans and other farm commodities in China, said a person with information on the planned discussions with Reuters.
Two negotiation sessions over the two days will cover agricultural issues, with only one focus on China's intellectual property defenses and the mandatory transfer of U technology for Chinese businesses.
“Sessions on agriculture will receive a disproportionate amount of air,” said the source, adding that one of these sessions will include a focus on the United States.
The president is seeking to provide export opportunities to US farmers, the main political area of Trump hit by Chinese revenues tariffs for soybeans and other agricultural commodities.
Commercial Secretary Wilbur Ross said, in an interview on Fox Business Network on Thursday, that it was unclear what China needed and that “we would get out very soon in the next few weeks.” T
“What we need is to correct the major imbalances, not just the current trade deficit,” Ross said. “It is more complicated to buy a few other soybeans.”
In an unexpected period, some members of the Chinese delegation in the United States will remain to visit US farming regions next week, Agriculture Secretary Sonny Perdue, told reporters.
“They want to see agricultural production. I think they want to build goodwill, ”said Perdue.
CNBC reported earlier that the group will visit Bozeman, Montana, and Omaha, Nebraska.
The USTR spokesperson did not immediately answer questions.
TABLE OF TABLE
Treasury Secretary Steven Mnuchin, who will take part in the October talks, along with USTR Robert Lighthizer and Chinese Vice Prime Minister, said currency issues will be the focus of the new rounds of talks.
China's Mnuchin announced its formal currency handler last month after the Yuan weakened against the dollar, beating Beijing for gaining trade advantage.
Trump said that China had failed to continue agricultural purchase promises made by President Xi Jinping at the G20 summit in Japan as a gesture of goodwill to get back talks on the road. China denied that such commitments have been made.
When such purchases failed during U-China trade talks in late July, Trump quickly switched to impose 10% tariffs on almost all other Chinese imports, without any involvement. previous rounds.
Last week, however, Trump delayed the October 1 scheduled tariff increase in the value of Chinese imports of $ 250 billion to the middle of the month, while China postponed tariffs on some cancer drugs, animal feed ingredients and routes.
On Thursday, USTR said that many Chinese products would be excluded from existing tariffs, including dog collars, some printed circuit boards used in computers, certain auto parts and Christmas tree lights.
“A bit softening in the air,” said White House consultant Larry Kudlow with Fox Business Network when negotiators came together on Thursday morning.
Global Times newspaper editor, run by China, warned that Beijing will retain its hard standing.
“Many US officials have misunderstood China's goodwill that it shows Beijing's weakness,” said Hu Xijin on Twitter. “China doesn't like to speak hard before the negotiations, but I know that China doesn't want to tackle it as the United States thought.” T
Beijing also seeks to mitigate US national security sanctions against telecommunications equipment manufacturer Huawei Technologies (HWT.UL), which must be achieved from the purchase of U. sensitive technology products.
The trade war, which has been brought forward for 14 months, has implemented financial markets as policymakers and investors are concerned about the global economic return.
Recession concerns that central banks around the world have been releasing policy in recent months. The Federal Reserve charged the rates for the second time this year to provide “insurance against ongoing risks”.
Trade experts, executives and government officials in both countries say that the US and Chinese trade war has a political and ideological trade battle, even if political and ideological relations exist and it would take years to resolve.
Additional reporting by Andrea Shalal, Susan Heavey and Humeyra Pamuk; Edited by Shri Navaratnam, Steve Orlofsky and Alex Richardson
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