China outlines three disagreements in United States trade talks

Oscar PerryMay 12, 2019

"Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries", Trump said, praising his relationship with Chinese President Xi Jinping and saying the negotiations would carry on.

The increases are going into effect amid talks between Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.

The Dearborn, Michigan-based company says 80 percent of the vehicles it assembles in the US are sold domestically, but it does export some vehicles to China.

Before the latest round of meetings, Liu told Chinese state media he was coming to Washington under pressure but "with sincerity" and warned that a move to raise tariffs by the USA starting Friday was not a solution.

"I think there is still a chance for the two countries to reach an agreement", Sang Baichuan, director of the Institute of International Business at the University of International Business and Economics in Beijing, told the Global Times on Friday, noting that the two sides still appear eager to reach a deal, despite their tough rhetoric. All these positive messages could deliver the world more reasons to be cautiously optimistic about the prospect of China-U.S. consultations. The American economy has different underlying fundamentals from the Chinese one and accordingly has certain structural advantages over its many competitors, which is why Washington was pushing for Beijing to drastically lower its tariffs and allow an influx of imports from the U.S. But the door is now open to escalation, with tariffs on even more products from China. The price of the purchased products goes up, and each purchaser tries to pass as much of the added cost onto the next purchaser.

The market uncertainty and high-level trade talks were taking place as American businesses braced for the impact of the Trump tariffs - which would impact products such as electronics, food and clothing. US President Donald Trump also ordered tariffs to be raised on all remaining US imports from China, which are valued at around $300 billion.

The latest round of trade talks has once again demonstrated China's maximum sincerity. "It is inevitable", Liu said.

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Trade talks between the U.S. and China hit a wall on Friday, when negotiations ended with no deal in sight and no plans to return to the table. That represents a grace period during which US and Chinese negotiators could still reach a deal.

Yet to settle differences and advance talks, both sides should respect each other's core concerns, and meet each other halfway on the basis of mutual respect, equality and mutual benefit. The third is over how balanced the text of the draft agreement should be, he said.

Like entering the last run of a marathon, China and the United States will negotiate, point by point, the text of the agreement.

Liu denied the accusations of China's reneging on promises, saying China thought it was normal to make changes before a final deal.

The ruling Communist Party's official People's Daily said on Saturday that Beijing "will never yield to the United States side's maximum pressure and will not compromise on matters of principle".

Similar to Liu, Chinese state media said China would not give in on its core interests.

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