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

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

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

But just days later, President Donald Trump overruled Mnuchin by announcing plans for 25 percent tariffs on $50 billion worth of Chinese imports.

China and the US will move ahead with trade talks as scheduled, Ministry of Commerce Spokesman Gao Feng told reporters in Beijing at a regular weekly briefing Thursday, without giving any further details over when they would take place. US officials appear to want to maintain the pressure of tariffs, the official said.

WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day.

The two governments have raised tariffs on billions of dollars of each others goods in the dispute over Beijing's technology ambitions.

Also, he did not say when the next round of talks might be held or who might attend, only that discussions between the two sides continue.

The talks that started Monday were the first face-to-face meetings since Trump and his Chinese counterpart, Xi Jinping, agreed on December 1 to suspend further action against each other's imports for 90 days while they negotiate over US complaints that Beijing steals or pressures companies to hand over technology.

Trump said late Tuesday on Twitter that the talks were "going very well!". In June, the USA exported 630,000 tonnes of soybeans to China, but that figure fell to zero in November after China imposed an additional 25 percent tariff.

Chinese and the US officials concluded another round of trade talks Wednesday, which were extended into a third day - suggesting there has been some compromise.

That pledge, addressing a trade deficit in goods, was however mentioned only at the end of the statement which focused on the USA demands for structural changes to China's domestic policies.

Washington also wants changes in an array of areas including the ruling Communist Party's initiatives for government-led creation of global competitors in robotics, artificial intelligence and other industries.

Citing unidentified Chinese officials involved in the trade talks, Bloomberg reported January 9 that there were disagreements between the two delegations on structural issues, which they hope will be addressed when more senior negotiators meet for talks.

Washington has called on Beijing to make structural reforms that address state-sponsored intellectual-property theft, discriminatory policies that favor domestic firms over foreign ones, and other unfair trade practices. The US delegation were seen carrying their luggage with them as they left their hotel for the negotiations on Wednesday morning. Economists say the 90-day window is too short to resolve all the conflicts between the biggest and second-biggest global economies. "The view, once commonly heard in Beijing, that it could outlast America in a grinding tariff battle has given way to the realisation that, as the country with the huge trade surplus, China has more to lose upfront".

For its part, Beijing is unhappy with U.S. export and investment curbs, such as controls on "dual use" technology with possible military applications. A leaked photo of the first day of discussions showed Liu present at the venue, along with Commerce Minister Zhong Shan and Vice Commerce Minister Wang Shouwen (the official head of the Chinese delegation). Forecasters expect American orders to slump this year.

America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for USA companies that do business inside China, NPR has reported.

The United States has said that any deal with China must be followed up with ongoing verification and enforcement.

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