US Treasury Secretary Mnuchin says trade talks with China were productive Daily Mail Online
Treasury Secretary Steven Mnuchin said the United States had productive talks with over their trade dispute.
However negotiations in Beijing ended Friday with no sign that any concrete progress had been made.
Top officials from the worlds two biggest economies had held two days of talks, hoping to at least create sufficient goodwill to stave off an escalation of their tariff war.
US Treasury Secretary Steven Mnuchin left and Chinese Vice Premier Liu He right shake hands as they pose for a photo before the opening session of trade negotiations
In a, Mnuchin said after the talks ended that he and US Trade Representative Robert Lighthizer had productive meetings with Chinas Vice Premier Liu He, Beijings top economic official.
The talks closed around mid day on Friday and the delegations parted with nothing announced.
Attention then shifted to a planned meeting later Friday between the US delegation and Chinese President Xi Jinping, with markets watching for signals that the worlds two economic superpowers may look to maintain a truce on damaging reciprocal tariffs.
The high level meetings began Thursday after President Donald Trump suggested that if talks in Beijing went well he may extend his March 1 deadline for China to make significant concessions on trade before resuming the tariff onslaught.
Trumps economic advisor Larry Kudlow had earlier said Xis willingness to meet with the US officials was a very good sign.
Kudlow also said the vibe is good in characterising the talks, but said there was no decision yet on extending Trumps tariff truce.
Steven Mnuchin shakes hands with Chinese President Xi Jinping before proceeding to their meeting at the Great Hall of the People in Beijing
Xi Jinping center speaks as he meets with Robert Lighthizer and Steven Mnuchin left
Liu He far left waves as he and Steven Mnuchin left and Robert Lighthizer center pose for a photo
After Trump suggested he may put off plans to more than double tariffs on dollar 200 billion in Chinese imports after March 1, Bloomberg News reported that a 60 day postponement was being considered to allow more time for negotiations.
Multiple reports had indicated that little if any progress was made in the Chinese capital toward US demands, with the Wall Street Journal and Bloomberg quoting anonymous sources as saying the two sides failed to narrow the gap on key issues.
Washington accuses Beijing of a range of unfair trade practices including myriad barriers against foreign access to its market.
It also accused the Government of offering subsidies that favor Chinese companies, rampant theft of intellectual property, and the requirement that foreign firms transfer proprietary technology to their partners in China as a condition of doing business.
Mnuchin and Lighthizer returned to their hotel after the talks ended but did not speak to the media.
Mnuchin and Lighthizer returned to their hotel after the talks ended but did not speak to media
Beijing and Washington have already imposed duties on more than dollar 360 billion in two way trade, which are weighing on their manufacturing sectors and have shaken global financial markets.
Expectations for an accord have being growing as China faces pressure from slowing economic growth, and as the market turmoil rattles Trump and his economic advisors.
But many China experts say Beijings Communist Party rulers are unlikely to make significant changes to industrial policies that have abetted the countrys economic rise without a long and tough fight.
In December, Trump had postponed plans to sharply hike tariffs, setting the March 1 ultimatum for Chinese concessions.
Trump has said that any eventual trade deal would need to be sealed personally between him and Xi in a summit meeting.
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Published by Associated Newspapers Ltd
Part of the Daily Mail, The Mail on Sunday Metro Media Group
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