USA and China launch trade talks amid differences over economic reforms


USA and Chinese officials are reportedly in talks to set up a meeting between President Trump and Chinese President Xi Jinping for next month, according to several reports.

President Donald Trump expressed optimism about forging a comprehensive trade accord with China as high-level talks continued on Thursday, but said any arrangement that fails to open Chinese markets broadly to US industry and agriculture would be unacceptable.

Citing Trump's flurry of statements over the course of Thursday that negotiations were going well and that he was open to visiting Xi for another round of talks, Brilliant said it was "very clear that President Trump is very engaged in these talks".

The president has expressed some optimism about reaching a deal in the next month, but says "no final deal will be made" until he meets directly with Chinese President Xi Jinping.

"China's representatives and I are trying to do a complete deal, leaving NOTHING unresolved on the table", Trump wrote.

"Our sense from our discussions last week in China is that China is struggling to come up with anything on the technology transfer side, and from our standpoint that's problematic", Myron Brilliant, the chamber's head of global affairs, said.

But the likelihood of reaching a deal before the March 1 deadline set by Trump for the imposition of higher tariffs on Chinese imports is slim.

"Hopefully, they're going to buy lots of corn and lots of wheat and lots of everything else that we have, but they're also talking heavy technology, heavy manufacturing services and everything else", Trump said. According to him, without that, the deal would be unacceptable.

The U.S. complaints, along with accusations of Chinese cyber theft of U.S. trade secrets and a systematic campaign to acquire U.S. technology firms, were used by the Trump administration to justify punitive U.S. tariffs on $250 billion worth of Chinese imports.

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The core of the USA allegations against China is that Beijing systematically steals trade secrets, forces foreign companies to hand over technology as the price of access to the Chinese market and subsidizes its own tech companies.

The last round of US-China talks led by Deputy USTR Jeffrey Gerrish in Beijing earlier this month, ended with no progress on IP practices and technology transfer issues, which are the US's main concerns in the trade war that has roiled financial markets for months.

USA companies such as Caterpillar have already begun to feel the effects of the trade war on their bottom line, and economic analysts have warned that a failure to regularize trade between the two countries could threaten the stock market's recent recovery.

Seen as counter-balancing Navarro's hardline stance, this former Goldman Sachs executive, 56, supports free trade and offers a more moderate voice on China.

Among several other headline criticisms, the USA is pushing for structural reforms to China's trade framework and the role of the state sector, which many experts believe will be a step too far for Beijing.

However, his outspoken comments in previous meetings and reports that he sparred with other U.S. officials, caused him to be left on the sidelines of some talks.

Chinese officials are in Washington, D.C., this week for negotiations with top US officials as the world's top two economies seek and end their trade dispute.

Chinese officials deny that their policies coerce technology transfers.

The Chinese Communist Party's (CCP) expedited its review of the foreign investment law, which was meant to serve as a bargaining chip for trade negotiations, according to Xie Tian, a professor at the University of SC. He was scheduled to speak with both U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. This could maintain the threat of USA tariffs on Chinese goods for the long term. This could maintain the threat of US tariffs on Chinese goods for the long term.