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giftedviz.com January 19, 2019


USA says China has pledged to buy U.S. as tough issues remain

10 January 2019, 08:54 | Austin Hogan

US-China Trade Talks Wrap Up After Extending To Third Day

What hope for markets in the US-China trade talks?

China and the U.S. "conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving issues of mutual concerns", the commerce ministry said in a statement. Hong Kong's main market index rose 2.3 percent while Tokyo was up 1.3 percent.

Speaking at a daily news briefing, Chinese foreign ministry spokesman Lu Kang confirmed both sides had agreed to extend the talks beyond Monday and Tuesday as originally scheduled.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy. It is the first time that officials have met for face-to-face talks since President Trump and President Xi agreed a 90-day ceasefire in December. USA president Donald Trump tweeted without elaborating, as talks wound down late on Tuesday evening in Beijing.

"We hope your company can become an in-depth participant in China's opening and a promoter of the stability of Chinese-U.S. relations". "The US is very clear about China's stance". But if a deal doesn't happen, remember, "I am a Tariff Man", Trump said. However, he cautioned, "Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off".

Beijing has tried to defuse pressure from its trading partners for more sweeping changes by offering concessions on investment regulations and stepping up purchases of American soybeans, natural gas and other exports. US and North Korean officials are believed to have met in Vietnam to discuss a location.

"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", said the United States statement, adding that U.S. officials, who left Beijing on Wednesday, will now report back for further guidance. The 28-nation trade bloc filed its own challenge in the World Trade Organization in June against Chinese licensing rules it said hamper the ability of foreign companies to protect and profit from their technology.

"That's not something that's going to be done by March", said Parker.

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USA exports of crude will also enjoy the support of a still sizeable discount of West Texas Intermediate to Brent crude, which is close to US$10 a barrel.

If US crude futures can break through the $55 level, "you're going to see real yields probably lower".

In what was widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of US grains as farmers decide which crops to plant in the spring. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

Cooling economic growth in both countries is increasing pressure to reach a settlement.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, included representatives from the departments of energy, agriculture, treasury and commerce, while the Chinese side was led by Commerce Vice Minister Wang Shouwen.

The US economy grew at an annual rate of 3.4 percent in the third quarter but surveys show consumer confidence weakening.



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