Published: Thu, October 10, 2019
Markets | By Otis Pena

China made no progress in deputy-level trade talks: SCMP

China made no progress in deputy-level trade talks: SCMP

With less than a week until higher American tariffs hit Chinese goods, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin greeted Liu at the USTR office here Thursday morning.

"Big day of negotiations with China", the president tweeted. "They want to make a deal, but do I?'" Trump tweeted.

The White House is looking at rolling out a previously agreed currency pact with China as part of an preliminary deal that could also see a planned tariff increase next week suspended, people familiar with the discussions told Bloomberg.

A Chinese official said Wednesday the country was still open to reaching a partial trade deal with the US that may include large purchases of American commodities, but added that success was contingent on Trump halting further tariffs.

"Mr. Trump's recent impeachment risk has turned the timetable against him,"Â Chi Lo, senior economist at BNP Paribas Asset in Hong Kong, wrote in a report to clients".

But Clete Willems, a former Trump trade advisor, said Wednesday a partial deal could be the president's best move.

USA stocks were up 0.7 per cent at 10 NY, the Bloomberg Dollar Spot Index was down 0.2 per cent and the yield on 10-year Treasuries rose for a second day.

The United States and China made no progress in deputy-level trade talks held on Monday and Tuesday in Washington, the South China Morning Post (SCMP) said, citing unnamed sources with knowledge of the meetings. The issue of forced technology transfers, which China refused to put on the table, was the reason talks were at a standstill, SCMP reported.

Trump's announcement sent U.S. stocks surging, calming fears after an overnight news report said the Chinese side could leave early given the slim progress in preliminary talks.

Originally set for Thursday and Friday, the talks will now only be one day, FOX Business has confirmed. "In practice, though, it would probably have limited implications on China's exchange rate policy - barring an (unlikely) Plaza Accord type of commitment".

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Dowd wrote a letter to the House Intelligence Committee last week advising them that he was representing Messrs. Lawmakers had been ready to issue Mr Parnas and Mr Fruman with legal summonses to compel them to show up.

Earlier this week, Washington increased pressure on Beijing over its treatment of China's Uighur Muslim minority by announcing commercial and visa restrictions.

"China is having a hard time at this moment".

U.S. President Donald Trump has threatened to raise tariffs on $250 billion worth of Chinese goods on October 15 if no progress is made in the on-again, off-again negotiations. More duties are slated to take effect in mid-December.

Liu later said China came into the negotiations with great sincerity and a willingness to cooperate with the US on issues such as trade balance and market access. We've come this far. I would much prefer a big deal.

While previous lower-level talks between USA and Chinese officials aimed to create a good atmosphere for the upcoming meeting, the United States blacklisting of 28 Chinese companies has generated a negative atmosphere instead, Chinese officials said. "I meet with the Vice Premier tomorrow at The White House". China's Ministry of Commerce did not immediately respond to fax about the high-level talks. Broader trade negotiations between the two countries broke down in May after the US accused China of backtracking on its commitments.

Trump - who has taken the global economy on a white-knuckle ride since launching multi-pronged trade offensives with China, Europe and other allies previous year - reiterated Thursday that the outcome was down to him.

Opinions are mixed on whether a trade agreement is close. "There's no agreement on anything until there's agreement on everything".

Market bets for a quarter point USA rate cut has swelled to 85% at its next policy meeting in October compared to 53% a month earlier.

-With assistance from Saleha Mohsin, Livia Yap, Angus Whitley, Miao Han, Steven Yang and William Edwards.

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