U.S., China meet for trade talks as Trump talks tough

SHANGHAI (Reuters) – Top U.S. and Chinese trade officers met in Shanghai on Wednesday for talks in a bid to finish a year-long trade conflict, regardless of low expectations for progress and combative remarks from U.S. President Donald Trump.

United States Trade Representative Robert Lighthizer, middle gestures as he chats with Chinese Vice Premier Liu He, at proper with Treasury Secretary Steve Mnuchin, at left wanting on after posing for a household picture on the Xijiao Conference Center in Shanghai, China, July 31, 2019. Ng Han Guan/Pool through REUTERS

As U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin landed within the Chinese business hub on Tuesday, Trump accused Beijing on Twitter of stalling, and warned of a worse consequence for China if it continued to take action.

This week’s conferences, the primary in-person trade talks since a G20 truce final month, come as an official survey confirmed China’s manufacturing unit exercise shrank for the third month in a row in July, underlining the rising strains positioned on the world’s second-biggest financial system by the trade conflict.

Vice Premier Liu He met and shook arms with Lighthizer and Mnuchin at Shanghai’s Xijiao State Guest Hotel in entrance of media on Wednesday morning forward of the day’s negotiations, however the officers didn’t make any public remarks.

The trade row has dragged on for greater than a 12 months, with the world’s two largest economies slapping billions of of tariffs on one another’s imports, disrupting international provide chains and shaking monetary markets.

The Shanghai talks have been anticipated to middle on “goodwill” gestures, such as Chinese commitments to buy U.S. agricultural commodities and steps by the United States to ease some sanctions on Chinese telecoms tools large Huawei Technologies Co Ltd, an individual aware of the discussions instructed Reuters earlier.

Trump had stated on Twitter that China seemed to be backing off on a pledge to purchase U.S. farm items, and he warned that if China stalled within the hope that he wouldn’t win re-election within the November 2020 U.S. presidential contest, the result will probably be worse for China.

“The problem with them waiting … is that if & when I win, the deal that they get will be much tougher than what we are negotiating now … or no deal at all,” Trump stated.

China’s state-owned Global Times tabloid stated that U.S. negotiators ought to present sincerity and maintain “reasonable expectations” after making “unrealistic demands that infringe upon China’s sovereignty and dignity”.

It stated that if “Washington still holds the illusion that Beijing will somehow cave in and compromise on issues concerning sovereignty and other related core interests to reach a deal, then no deal is fine”.

The U.S. and Chinese delegations have been scheduled to have had dinner at Shanghai’s historic riverfront Fairmont Peace Hotel on Tuesday night time, however each groups prevented the media and didn’t make public feedback.

The U.S. Commerce Department put Huawei on a nationwide safety blacklist in May, successfully banning U.S. corporations from promoting to Huawei, a transfer that enraged Chinese officers.

Trump had agreed final month to permit some gross sales to Huawei in a gathering with Chinese President Xi Jinping, however thus far, U.S. semiconductor and software program makers are nonetheless largely at midnight concerning the administration’s plans.

In Sao Paulo on Tuesday, U.S. Commerce Secretary Wilbur Ross stated choices on license functions by U.S. corporations to renew some gross sales to Huawei may come as early as subsequent week.

Reporting by Brenda Goh and David Stanway in Shanghai; Writing by Michael Martina in Beijing; Editing by Simon Cameron-Moore

Our Standards:The Thomson Reuters Trust Principles.

Source link reuters.com

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