U.S. negotiators in Beijing for trade war talks

U.S. negotiators in Beijing for trade war talks

By the time President Donald Trump and Chinese President Xi Jinping agreed to a 90-day tariff truce in early December, the US had placed a total of $250 billion in tariffs on Chinese goods, and Beijing had retaliated with $110 billion in tariffs of its own.

The article claimed that the trade war affected the 2018 US midterm election results-echoing a propaganda ploy by Beijing that the trade tariffs have impacted business for farmers in USA heartland states that voted for Trump during the presidential elections.

President Donald Trump raised hopes last week that an agreement could be found to end the months-long dispute, during which the world's top two economies have imposed import duties on more than $300 billion of each other's goods.

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"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues". "I don't think it will proceed that fast".

China on Friday cut bank reserve requirements amid slowing growth at home and pressure from the United States tariffs.

"Talks are underway. The two sides have expressed their willingness to hold constructive talks and to work together to resolve the disputes following the consensus reached between the leaders of the two countries", Chinese Foreign Ministry spokesperson Lu Kang said in a press briefing.

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China's stridently nationalist Global Times tabloid said in an editorial late on Sunday that statements from both sides that they hoped to reach a deal were cause for optimism, but that Beijing would not cave in to US demands.

"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.

U.S. commerce secretary Wilbur Ross predicted that the United States and Chinaare likely to reach a trade deal, as officials from both nations met for face-to-face talks in Beijingon Monday (New York time).

According to Chinese Commerce Ministry's website, a USA working team led by the Deputy Trade representative, Jeffrey Gerrish would come in China to hold "positive as well as constructive discussions" with the Chinese counterparts. It's their first face-to-face meeting since the two leaders agreed at a Group of 20 summit in Argentina last month not to impose new tariffs that were due to take effect January 1. It deferred the imposition of the next round of tariffs past year, until at least March 1, by agreeing to buy USA soy beans and other products and removing the tariff surcharge it had imposed on auto imports from the US. The preliminary skirmishes have already done damage to China's economy and some sectors of the USA economy as well as its financial markets and have had flow-on effects in the greater Asian region and even Europe. Both Taiwan and Vietnam also claim the Paracel Islands, and the USA has contended that its ships passed through only global waters, which Chinese officials refuted.

"We have made stern complaints with the U.S.", Lu said.

"Most firms expect the trade war to escalate", the bank said. The negotiations, led by the deputy trade ministers of the two countries, are expected to go on for two days. Trump said on Friday he wasn't concerned about Apple's revenue warning.

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