Thursday, 13 December, 2018

Trump says China trade talks ‘going very well’

Container Ship Simon Dawson Bloomberg News
Jean Garcia | 07 December, 2018, 23:43

The two sides also will discuss intellectual property protection, technical cooperation, market access and their trade balance, Gao said.

The comments provide some detail on how the talks are progressing, five days after the two nations' leaders met in Argentina to try and calm tensions and broker a deal.

Trump on Sunday, December 2, said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.

When asked for details on auto tariffs, Gao repeated the above statement and suggested watching for an announcement from the State Council's tariff committee.

China's ultimate goal during the 90-day trade talks is to remove all US tariffs imposed on Chinese goods, Gao said.

The two sides have been communicating and cooperating smoothly, and China was confident in striking a deal with the USA within the next 90 days, Gao said. The Chinese and American trade teams have good communication and have already reached a high level of consensus, he added.

US President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing November 9, 2017.

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The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the trade gap.

The two sides will negotiate structural changes to forced technology transfer, intellectual property protection, cyber-intrusions and cybertheft, services and agriculture, according to the White House.

U.S. imports from China rose 4.4 percent while exports fell 6.7 percent as China's retaliatory tariffs have led to reduced exports of USA soy beans.

"China and United States have reached very important consensus as both sides' interests overlap", Gao said.

Early in this September, the U.S. placed new tariffs on $200 billion of Chinese imports from 24 September and that will increase to 25% on 1 January 2019.

Gao's briefing came hours after the trade detente risked being rattled by the arrest in Canada of a top executive from Chinese telecom giant Huawei at the request of the United States.

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