US, Chinese trade deputies face off in Washington amid deep differences


Washington: Deputy trade negotiators in the US and China have agreed to resume face-to-face talks for the first time in nearly two months in order for the world's two largest economies to narrow policy gaps and find a miserable path. Trade wars.

The Thursday and Friday negotiations will lay the groundwork for high-level talks in early October, deciding whether the two countries are looking for a solution or heading to new and higher tariffs on each other's goods.

A delegation of about 30 Chinese officials, led by Vice President Liao Min, kicked off a speech Thursday morning at the US Trade Representative (USTR) office near the White House. The US is expected to be headed by USTR Deputy Director Jeffrey Gerrish.

The discussion is likely to focus on agriculture, including the US's need for China to substantially increase US soybean and other agricultural purchases.

Two two-day negotiation sessions will address agriculture issues, while only one focus will be on texts covering key changes that will strengthen China's intellectual property protection and force US technology transfer to Chinese companies.

"The response to agriculture will have a significant amount of waiting time," Source said, adding that one of these sessions will focus on US President Donald Trump's need to block shipments of synthetic opioid fentanyl to the United States. Added.

Trump is eager to provide export opportunities to US farmers, one of the major political constituencies that have been hit by China's retaliation tariffs on US soybeans and other agricultural products.

Table currency

Treasury Secretary Stephen M. Nuchin and China Vice President Liu Huh, who will join the October talks with Robert Wright-Riser USTR, said currency issues will be the focus of the new talks.

Mnuchin said last month China declared a currency operator after the yuan fell below the dollar.

Trump said President Xi Jinping did not follow his promise to buy produce at the G20 summit in Osaka, Japan. China denied that such a promise was made.

When such purchases were not realized in the US-China trade negotiations at the end of July, Trump quickly imposed a 10{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} tariff on almost all Chinese imports that did not reach previous tariffs.

But as tensions eased last week, Trump delayed the planned October 1 tariff increase for $ 250 billion worth of Chinese imports by mid-month as China delayed tariffs on some US cancer drugs, animal feed ingredients, and lubricants. I was.

Beijing is also working to mitigate US national security sanctions against Huawei Technologies, a telecommunications equipment manufacturer that has been largely blocked from buying sensitive US technology products.

The trade war, which lasted for 14 months, weakened financial markets as policymakers and investors worried about expanding the global economic fallout of the conflict.

The nightmare of the global recession has forced central banks around the world to relax their policies in recent months. The Federal Reserve, held Wednesday, said the second rate cut this year has provided "continuous risk insurance," including a decline in global growth and less trade tensions.

Ideological division

Trade experts, administrations and government officials from both countries say that even if the September and October talks made temporary deals, including Huawei's purchases and bailouts, the US-China trade war was reinforced by a much more profound political and ideological war. It may take several years to resolve than tariffs.

Jon Lieber of PwC's national tax service practices said that the “very consultative” possibility of October would hardly help resolve the fundamental differences between the two countries.

To keep the market stable, the two sides added that "talk talks could last longer."

Congressman and Sudan Council chief Republican spokesman Kevin Brady told reporters Wednesday he was cautiously optimistic about the talks.

Brady doesn't like tariffs, but Trump said he has the right to challenge China's trade behavior.

"Zero is always the best, but there is a need to change the whole deal with China."

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Source: https://www.thenews.com.pk/latest/528882-us-chinese-trade-deputies-face-off-in-washington-amid-deep-differences

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