Saturday, 19 January, 2019


China trade talks spill into third day

China Risk China Risk
Conrad Doyle | 09 January, 2019, 22:15

It said Washington "cannot push China too far" and must avoid a situation that "spins out of control".

Few details emerged of the trade talks, which were scheduled to run through Tuesday.

"Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the us and China", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

He and Chinese President Xi Jinping agreed December 1 to postpone more tariff hikes on each other's goods for 90 days while they negotiate.

ANALYST'S VIEWPOINT: "Trump did not declare a national emergency, nor did he hint toward one, which might have been a fear before the speech", Stephen Innes of Oanda said in a commentary. -Chinese relations for years. Washington, Europe, Japan and other trading partners say those violate Beijing's market-opening obligations. While signals from the latest round of talks were upbeat, if a deal is not reached by March 1, the United States side may follow through on raising tariffs on US$200 billion in Chinese goods from 10 per cent to 25 per cent. Trump argued for funding on security and humanitarian grounds as he sought to put pressure on newly empowered Democrats.

"However, it has also made it clear that it will not seek a solution to the trade frictions by making unreasonable concessions, and any agreement has to involve give and take from both sides", it said. "The limited policy movement that we've seen so far suggests that a game-changing deal remains unlikely". Among many things, the Communist leader pledged to buy more US agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules. Delegates to the talks have not yet revealed what specifically was discussed, or if anything was agreed to.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment".

The US delegation to Beijing this week was led by Jeff Gerrish, deputy to US Trade Representative Robert Lighthizer who is leading the negotiations for the Trump administration.

The temporary ceasefire came after the two sides imposed import duties on more than $300 billion of each other's goods.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy.

The discussions are the first face-to-face interactions between the US and China since both presidents met in Argentina and agreed to a temporary truce in their tit-for-tat tariff war. Auto sales tumbled 16 percent in November over a year earlier.

The US economy grew at an annual rate of 3.4 percent in the third quarter but surveys show consumer confidence weakening.

Official U.S. fuel storage data from the Energy Information Administration (EIA) is due at 1800 GMT on Wednesday. It has said China's companies are treated unfairly in US national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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