China trade talks extend into evening of second day

Ivan Schwartz
January 9, 2019

Asked about the timing of the operation during trade talks, Lu said resolving issues would help both countries and the world. Trump said on Twitter, but gave no further information.

"We're not confident the trade and economic disagreements will be resolved anytime soon", Eurasia Group wrote in a Monday report.

Hopes that the United States and China would strike a deal, ending their months-long trade deal led to an index of world stocks rising on Tuesday, while the dollar, which hit an 11-week low on Monday, rebounded as the euro weakened on concerns about a slowdown in the euro zone economy. Europe, Japan and other trading partners have echoed Washington's complaints that those violate Beijing's market-opening obligations.

The Trump administration's calculus regarding how much to stress either increased purchases of USA goods, on the one hand, or structural reforms reflects a divide within the White House.

The US and its allies periodically send planes and warships through the area, which is claimed by China, to signal to Beijing their right under worldwide law to pass through the waters.

The Trump administration is dealing with an increasingly strong China that has its own pressing needs, said the Global Times, which is published by the ruling Communist Party.

Chinese Foreign Ministry spokesperson Lu Kang confirmed during a press conference later that day that the USA sent a vessel into the area "without permission from the Chinese side". Economists expect American orders from China to slump this year, at a time when global consumer demand is weakening. Some suggest it might be years before the final penalty tariffs are removed.

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The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade. Weak real estate sales are forcing developers to cut prices. There are concerns that USA growth, 3.4 percent in the third quarter, is also slowing even as the country's unemployment rate remains almost at a five-decade low.

Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump.

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

The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

Trump raised import duties on Chinese goods in July over longstanding complaints Beijing steals technology or pressures foreign companies to hand it over. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

He and Chinese President Xi Jinping agreed December 1 to postpone more tariff hikes on each other's goods for 90 days while they negotiate.

Some manufacturers that serve the United States have shifted production to other countries to avoid Trump's tariffs. "There's a lot of uncertainty", said Timothy Fiore, chairman of ISM's manufacturing survey committee.

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