Sino-US trade talks to be held in China next week: Beijing
07 January, 2019, 07:41 | Author: Ted Wilson
The US and China on Friday confirmed that they will hold discussions over future trade between the two nations next week, the first such talks since a tentative truce was reached at November's G20 summit in Argentina.
A sharp drop in Chinese economic growth will hit the profits of US firms but sales by Apple Inc and other American companies should recover once Washington strikes a trade deal with Beijing, a senior White House adviser said on Thursday.
Washington and Beijing imposed tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade a year ago, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges.
The US delegation to China will be led by Jeffrey Gerrish, the deputy trade representative, something which some trade experts believe will mean that the US will be particularly firm in its demands. But economists say the US economy could be slowing and uncertainty in global economic fortunes has led to volatile daily swings in stock indexes in recent weeks. "Can they compromise? We'll see".
U.S. President Donald Trump has again expressed confidence that he can put an end to the trade war with China which is jolting the global economy.
"Clearly both sides are feeling economic stress, but both have high ambitions".
Kevin Hassett, chairman of the White House Council of Economic Advisers, said the contentious U.S.
Trump says he’s unconcerned about Apple’s China sales warning
Apple undoubtedly has some strong competitive advantages in the marketplace. "This is more political than it is Apple execution". In a letter to investors Wednesday, CEO Tim Cook explained that Apple is grappling with several issues, many related to China.
Data this week pointed to signs of strain in the United States and China at the end of previous year.
The office of the United States Trade Representative also released a statement Friday announcing the delegation that would be representing the US.
The decision to hold this week's talks at a deputy minister level reflects the need to work out technical details before higher-level officials make "hard political decisions on major issues", said Tu Xinquan, director of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.
As Hastert continued to talk up Trump's pressure campaign against China, Harlow called his admission a "significant warning" about future connotations of the trade war.
For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications. But few are moving those operations back home, according to in October by the American Chamber of Commerce in South China.
Apple's lowered revenue outlook along with a double-digit drop in earnings at commodities giant Cargill Inc on Thursday may be among the clearest warning signs yet that the trade war's effects have begun to hit US companies.
Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report . Juckes said it also supports "soft" manufacturing numbers out of China in recent days showing activity has contracted.
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