Daily Trends Now
Daily Trends Now

Sino-American trade talks closer to breakthrough

Sino-American trade talks closer to breakthrough

If this week's round of negotiations are successful, a final agreement will be sealed in a summit between US President Donald J. Trump and Chinese President Xi Jinping, otherwise, the negotiations could drag on until the G20 Summit in June.

- President Donald Trump is poised to announce plans for a summit with China to end a two-year trade war, according to reports.

Optimism about a deal has boosted global stock markets for much of the start of 2019, with investors seemingly less concerned about the contents of any deal than the mere fact that the world's two top economies could soon end their skirmishes. We'll probably know over the next four weeks.

The current round of talks is scheduled to last through Friday and possibly longer. The US spends by far the most of anyone in the world, with his 2020 military budget shooting for $750 billion.

While that echoed Mr Trump's comments, US Trade Representative Robert Lighthizer sounded more cautious.

That has left negotiators diametrically opposed: China wants all tariffs that have been imposed in the course of the past 12 months removed, while the US wants to retain some as part of its enforcement mechanism.

It remains unclear whether the United States will cancel some or all of the tariffs the president imposed previous year on more than US$250 billion ($369.9b) worth of Chinese imports.

Washington and Beijing since past year have slapped tariffs on more than $360 billion in 2-way trade, biting into their manufacturing sectors as the world economy shows signs of slowing.

China has floated offers to make sizable purchases of United States commodities and taken steps to show it will protect foreign intellectual property. Stability and minimising uncertainty are key elements in Chinese policy.

While Mr Trump again talked up the prospect of a deal and its scale, his advisors were more cautios.

He said, the two sides, have negotiated some of the toughest points, but there are still some ways to go. Trump has said he wants a "great deal" with China and has hinted that tariffs could remain in place for some time.

Other non-binding promises China has offered to implement by 2029 wouldn't be tied to potential USA retaliation, they said, without elaborating. "I would really say, and I say it again, a lot of the most hard points that we didn't think we could ever do or we wouldn't agree to, on both sides have been agreed to", he said.

Kudlow also said no decisions had been made on tariffs on auto imports coming from top United States allies.

Trump has previously threatened to impose punitive tariffs on all imports from China, more than a half-trillion dollars worth of products.

Meanwhile, for two nations to get along with each other, they need to maintain mutual respect and seek common grounds while reserving their differences. "My guess is that something in between will be in the compromise".

Good progress has been made by both sides and they are working to wrap up the talks, observed Myron Brilliant, executive vice president of the U.S. Chamber of Commerce. U.

In congressional testimony in February, Mr Trump's top trade negotiator said the U.S. wants the right to take unilateral, "proportional" action against China if it fails to abide by the rules.

American producers could struggle to fill major new orders announced by Beijing, he said.


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