China & US To Hold Trade Talks In Beijing
Beijing: According to reports, China and the United States will hold vice ministerial level trade talks in Beijing on Monday and Tuesday. Both the global powers are currently under pressure to end a trade war that is hurting their economies as well as global financial markets.
For much of the past year, the trade war between US and China disrupted the flow of good worth hundreds of billion dollars and sparked fears of a global economic slowdown.
A team led by Deputy US Trade Representative Jeffrey Gerrish will come to China to have “positive and constructive discussions” with Chinese counterparts, China’s commerce ministry said in a statement on its website.
At a summit in Argentina in late 2018, US President Donald Trump and Chinese President Xi Jinping agreed to hold off on additional tariffs for 90 days while they attempted to negotiate a deal.
Now, China and the United States face a March deadline for talks to end the damaging trade war, or the US could proceed with a sharp hike in US tariffs and China could retaliate.
President Trump has said talks toward a deal are progressing well, but it was unclear if Beijing will yield to key US demands over trade imbalances, market access, and alleged Chinese abuses of intellectual property.