Published: Wed, January 09, 2019
Money | By Ralph Mccoy

U.S., China could settle immediate trade issues: Ross on CNBC

U.S., China could settle immediate trade issues: Ross on CNBC

The talks are taking longer than expected as the Chinese commerce ministry had said last week that the meetings would take place on Monday and Tuesday.

President Donald Trump has expressed hope for a bilateral trade deal with China while pointing to years of hundreds of millions in trade deficit between the two nations. It said Washington "cannot push China too far" and must avoid a situation that "spins out of control".

On Monday, Chinese importers made another large purchase of USA soybeans, their third in the past month.

China hawks in the administration have grown increasingly concerned about how the market turbulence has been affecting the president's mood on trade.

The U.S. trade delegation that met with Chinese officials in Beijing, will return to the United States later on Wednesday after what a U.S. official called a "good few days". Steven Winberg, assistant secretary for fossil energy, has told reporters that discussions will be extended for another day.

The more intractable issues related to structural reforms to China's industrial policies, as well as enforcement of any pledges, have been raised by officials on both sides, though there is little clarity on details. This meeting was previously unscheduled, signaling the two sides could be coming together on key issues.

Mnuchin has been a more moderate voice in trade talk discussions, with reports indicating he's against the trade war between the two countries, whereas U.S. Trade Representative Robert Lighthizer and his deputy Jeffrey Gerrish view the need for a tougher stance on China and trade.

U.S. Secretary of State Mike Pompeo told CNBC that the United States and China are "making progress" on trade.

The operation was not about any one country or to make a political statement, McMarr said.

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Since March, the USA has slapped tariffs on $250 billion worth of Chinese goods, while China has placed a series of retaliatory tariffs on US goods totaling $110 billion.

China defends its construction as necessary for self-defense and says that it is rather Washington that is responsible for ratcheting up tensions in the region by sending warships and military plans close to islands Beijing claims.

As the Trump administration continues trade negotiations with China, the USA delegation is taking additional steps to make sure the Communist country follows through on its pledges.

But Bonnie Glaser, a senior adviser at the Center for Strategic and International Studies, said the timing of the North Korean leader's arrival could be coincidental. And to me those are immediate trade.

"China's ability to use (North Korea) as leverage has diminished considerably since Trump opened his own channel to Kim", she said.

China's Foreign Ministry Spokesperson, Lu Kang, addressed the encounter during a press briefing later on Monday, stating that Beijing had "lodged stern representations" with Washington. The US and China have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods. "And we're doing very well".

China claims nearly all of the strategic South China Sea and frequently lambastes the United States and its allies over naval operations near Chinese-occupied islands.

The warship, he said, had violated Chinese and worldwide law, infringed on Chinese sovereignty and undermined peace and stability.

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