Thursday, 17 October, 2019

China made no progress in deputy-level trade talks: SCMP

Stocks skid as US raises tensions ahead of China talks US Mulls Currency Accord With China in Partial Trade Deal - Report
Deanna Wagner | 11 October, 2019, 04:43

US President Donald Trump on Thursday hinted at progress in his high-stakes trade battle with China, saying talks with Beijing's envoy had gone well.

A mere hours after the pessimistic piece in the SCMP, the New York Times ran a story singing an entirely different tune, reporting plans in Washington to loosen restrictions on Chinese telecom giant Huawei - which was placed on a USA trade "blacklist" in May - allowing some business in "nonsensitive goods".

In return, Beijing would offer non-core concessions like purchases of agricultural products without giving in on major sticking points, the official said, without offering further details.

President Donald Trump announced Thursday he would meet with the top Chinese trade negotiator at the end of the week. British Prime Minister Boris Johnson and Irish representative Leo Varadkar issued a joint statement following their three-and-a-half-hour meeting signalling that "they could see a pathway to a possible deal".

He added that he will meet Liu at the White House on Friday.

While previous lower-level talks between USA and Chinese officials aimed to create a good atmosphere for the upcoming meeting, the U.S. blacklisting of 28 Chinese companies has generated a negative atmosphere instead, Chinese officials said.

The world's two biggest economies are deadlocked over US allegations that China steals technology and pressures foreign companies to hand over trade secrets as part of a sharp-elbowed drive to become a world leader in advanced industries such as robotics and self-driving cars.

China is willing to reach agreement on matters both sides care about.

Dodgers fans leave game early after Howie Kendrick 10th inning grand slam
His first-inning shot off Strasburg was his third of the series, and gave him seven runs batted in. Kiké Hernandez is in left field, with Matt Beaty at first base and Max Muncy over at second.

"I think both sides are needing to have a win".

Just since Monday, Washington has imposed visa restrictions on senior Chinese officials and blacklisted more than two dozen Chinese firms, accusing them of persecuting ethnic Uighur Muslims in China's western Xinjiang region.

But Trump's attitude toward the process is subject to sudden change, given the churning pressures competing for his attention.

He faces an intensifying impeachment probe by Democrats and stinging bipartisan criticism for allowing a Turkish assault on Washington's Kurdish partners to go forward by pulling American forces away from the border in northeast Syria. Those include laws around intellectual property theft and the forced transfer of foreign technology.

Separately, Chinese state news agency Xinhua reported Mr Liu said Beijing was willing to reach an agreement with Washington to prevent any further escalation of the trade war.

Meanwhile, US central bankers and others believe the trade war is raising the chances the United States could slip into recession.

"Every month that these trade talks continue, there's more and more friction in the relationship".