China confirms trade talks with U.S. beginning Monday

April FrancisJan 08, 2019

Deputy US trade representative Jeffrey Gerrish will lead the American delegation, China's Ministry of Commerce said. The White House is yet to confirm the talks.

In the same year, late paramount leader, often credited with China's "Reform and Opening" policy which led to its economic transformation, met USA president in the United States.

In addition to Gerrish, the official delegation will also include David Malpass, the Treasury Department's undersecretary for global affairs.

Those familiar said other U.S. attendees include Mr Gil Kaplan, Undersecretary of Commerce for International Trade; Mr Ted McKinney, Undersecretary of Agriculture for Trade and Foreign Agricultural Affairs; and Ms Merry Lin, director for global and Asia economics at the National Security Council.

A U.S. delegation is due to travel to Beijing to hold negotiations Monday, but Trump said he and Chinese leader Xi Jinping already have been actively engaged in the talks. "The US and Chinese working groups [on trade and economic issues] will hold constructive talks on the implementation of important agreements, reached by the leaders of the two countries during their Argentina meeting", the ministry said.

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The president downplayed the effects of the economic woes on USA technology giant Apple Inc, which this week blamed slowing iPhone sales in China for a rare reduction in its quarterly sales forecast.

He said slowing consumer demand in China gives Trump an edge in ongoing trade negotiations.

China's own stock market has fallen by about 25% in the a year ago as investor concerns grew about the impact of the trade war on China's economy.

The U.S. and Chinese governments both have expressed interest in a trade settlement but give no indication their stances have shifted. China's Shanghai Composite and Hong Kong's Hang Seng Index were both up about 2%. Beijing responded by imposing penalties on $110 billion of American goods, slowing down customs clearance for USA companies and suspending issuance of licenses in finance and other industries. But economists say the USA economy could be slowing and uncertainty in global economic fortunes has led to volatile daily swings in stock indexes in recent weeks. An escalating trade war would make the situation even worse.

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