Breaking News
0

U.S.-China trade talks resume next week, focus on intellectual property

EconomyFeb 10, 2019 12:37AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai

By Jeff Mason

WASHINGTON (Reuters) - U.S. negotiators are preparing to press China next week on longstanding demands that it reform how it treats American companies' intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

A new round of trade talks begins in Beijing on Monday, after the most recent set of negotiations concluded in Washington last week without a deal and with the top U.S. negotiator declaring that a lot more work needed to be done.

A White House official said on Friday that preparations were under way and the talks would continue to focus on pressing Beijing to make structural reforms.

The White House announced a timeframe for the Beijing talks in a statement. It said lower-level officials will kick off the meetings on Monday, led on the American side by Deputy U.S. Trade Representative Jeffrey Gerrish.

Higher principal-level talks will take place Thursday and Friday with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Lighthizer, named by Trump to spearhead the process after agreeing a 90-day truce in the trade war with Beijing, has been a strong proponent of pushing China to make such reforms and end what the United States views as unfair trade practices including stealing intellectual property and forcing U.S. companies to share their technology with Chinese firms.

China has denied it engages in such practices.

"The United States is a great producer of technology, and innovation, and know-how, and trade secrets. And we have to operate in an environment where those things are protected," Lighthizer said last week after talks at the White House.

"I'm by no means predicting success; there is a lot of work that has to be done," he said.

The two sides are trying to hammer out a deal ahead of the March 1 deadline when U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

China's Commerce Ministry said in a statement on Saturday that the two countries would have a "further deep discussion on issues of mutual concern" on the basis of what they talked about at the last round of talks in Washington. It gave no details.

China's ambassador to the United States, Cui Tiankai, said in Michigan on Friday that a "zero-sum game" mindset was destructive to China-U.S. ties, the state-run news agency Xinhua reported.

Chinese and U.S. companies should compete as well as cooperate with each other, Cui said.

"The real story in business is not that black and white," the report quoted him as saying.

Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before that deadline, dampening hopes that a trade pact could be reached quickly.

"We are hearing the list of issues the two presidents will ultimately have to make decisions on is being narrowed, so that's an indication that things are being addressed. But we're also hearing that there's a lot of work to be done," said Erin Ennis, senior vice president of the US-China Business Council, who says she has spoken with officials in both the United States and China. "I don’t think either side is expecting a draft of something next week."

Another source who had been briefed on the talks said a lot of work also needed to be done on an enforcement mechanism for a potential deal.

"If there's some indication that they're making progress on subsidies, forced tech transfer and the constellation of issues there and an enforcement mechanism, that would be interesting. The word coming out of this last round was that there was very limited, measly progress on those issues," the source said.

Escalating tensions between the United States and China have cost both countries billions of dollars and roiled global financial markets.

If the negotiations do not progress sufficiently, the U.S. officials said increased tariffs will take effect.

Washington could agree to extend the deadline without a deal if talks are progressing. Trump said last week he did not think the deadline would need to be extended, though he said a deal might not be on paper by then.

U.S.-China trade talks resume next week, focus on intellectual property
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Feb 10, 2019 1:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hopefully positive us win some and china gain something from that
Reply
1 0
Habanero Peppers
Habanero Peppers Feb 08, 2019 12:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They're not meeting, then they are... Time is on Chinas side. They might as well just wait for our new president. More attempts to manipulate the market here with news.
Reply
14 3
Keith Jarrell
KingKeith Feb 08, 2019 12:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump and Xi aren't meeting. The lower level talks are still going on. How is time on China's side? I'm thinking there will be no deal March 1, but tariffs will not be raised and more time given. The only thing sillier than thinking there would be a real deal in 3 months are the people who believes it. Unfortunately, it seems there were many who fell for it.
Reply
4 1
Deepak Mehta
Deepak Mehta Feb 08, 2019 12:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think tarriffs will take effect. This is what trump wants at the core. The deal is a eyewash
Reply
5 2
Khajamoddin Shaik
Khajamoddin Shaik Feb 08, 2019 12:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If the tarriffs will take effect then the investors will have tough time its better to get out from long posttions and short postions for better returns ! What do you peole think about ?
Reply
1 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email