Published: Mon, January 07, 2019
Money | By Ralph Mccoy

China upbeat ahead of US trade talks, but differences large

China upbeat ahead of US trade talks, but differences large

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled worldwide markets.

Ross's remarks emphasized President Donald Trump's confidence that the robust United States economy means Washington can outlast Beijing in a test of wills over trade.

Envoys will have "positive and constructive discussions" during meetings Monday and Tuesday, said Chinese Foreign Ministry spokesman Lu Kang.

"China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".

The operation came as Chinese and USA officials kicked off talks in Beijing to find a solution to a bitter trade war that prompted the two sides to impose tariffs a year ago on more than $300 billion in total two-way trade. "Their economy's not doing well", Trump told reporters at the White House before boarding the Marine One presidential helicopter.

Chinese officials have said new measures will combat intellectual property theft, indicating that Beijing may make major changes to its "Made in China 2025" initiative, which calls for state-led creation of champions in robotics, artificial intelligence and other fields.

If the talks this week between the mid-level USA trade officials and their Chinese counterparts go well, senior Chinese officials are likely to head to the coming weeks to continue negotiations, Schmitz reports. I really think they want to.

If there is no deal by March 1, Washington has said it will go ahead with a sharp hike in tariffs on Chinese goods originally set for January 1.

And an editorial in the nationalist state-owned tabloid the Global Times suggested China would not cave to USA demands.

Financial markets were being lifted early on Monday on expectations that the direct negotiations would lead to an easing in tensions between the two sides.

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Also on January 2, Seqouia and Kings Canyon National Parks announced they were closing due to health and safety concerns. The waterless restrooms, in which visitors can relieve themselves into sealed buried containers, had remained open.

The talks are going ahead despite tensions over the arrest of Meng Wanzhou, chief financial officer of Chinese technology giant Huawei, in Canada on USA charges related to possible violations of trade sanctions against Iran.

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods to pressure Beijing to change its practices on issues ranging from industrial subsidies to hacking.

Both sides have expressed interest in settling their tariff battle over Beijing's technology ambitions. "I think the two sides need some kind of agreement for now", Tu said.

The U.S. economy grew at an annual rate of 3.4 per cent in the third quarter, and unemployment is at a five-decade low.

"If Beijing had wanted to raise the white flag, it would have done so already", it said.

However, signs are emerging of an increasing toll on USA industry as well.

Ask if he was happy or concerned about the slowing in the world's second largest economy, Ross said, "Not happy nor guilty".

The trade war has damaged both economies over the past year.

The president has taken heart in China's faltering economy, repeating that it makes Beijing more likely to strike a deal.

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