China and U.S. to hold trade talks in Beijing next week

China and U.S. to hold trade talks in Beijing next week

China and the United States will hold vice ministerial-level trade talks in Beijing on January 7-8, as the two sides look to end a dispute that is inflicting increasing pain on both economies and roiling global financial markets.

China's major state-owned grain stockpiler also said it had resumed buying U.S. soybeans, and Beijing announced it would suspend extra tariffs on US-made cars and auto parts starting 1 January.

The two governments have raised tariffs on billions of dollars of each other's goods in the fight over US complaints that Beijing violates its market-opening obligations by stealing or pressuring companies to hand over technology.

Jeffrey Gerrish, the U.S. deputy trade representative will lead the delegation travelling from Washington to China.

"The trade tensions between the United States and China put additional pressure on their economy", Cook said in an interview with CNBC Wednesday.

China said a USA delegation will visit next week for trade talks, confirming the two sides will have their first face-to-face negotiation since President Donald Trump and his counterpart Xi Jinping agreed to a 90-day truce in their trade war last month. "China wants the trade war to end, and they are offering signs of that", said a U.S. source familiar with the discussions.

Beyond iPhones designed in California, engines made in OH or soybeans grown in Iowa, the trade issue the U.S.is pursuing is the protection of American technology in China.

"There are a heck of a lot of USA companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded. until we get a deal with China", Hassett said on CNN. Trade Representative Robert Lighthizer is the top USA official in the ongoing trade discussions, while Vice Premier Liu He is China's top representative. Both countries chose to suspend imposition of new tariffs on each other for the next 90 days and implement consensus that were reached between both presidents during the G20 meeting earlier this month. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week.

Growth is expected by the government to have eased to around 6.5% in 2018, down from 6.9% in 2017.

In a separate statement on Friday, USTR said the delegation will also include Under Secretaries from the US Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from those agencies and the White House.

The spat has rattled companies and financial markets that worry it would drag on global economic growth that is showing signs of slowing.

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