Analysts see 'several signs of modest progress' in latest US-China trade talks
Added 01-09-19 08:02:02pm EST - “China, for its part, said in a Thursday morning statement issued by its Commerce Ministry that the just-concluded round of trade talks with the U.S. were extensive and established a platform for future discussions.” - Cnbc.com
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In the wake of the latest round of trade talks between officials from Washington and Beijing, outside observers are noting that some progress appears to have been made — but there's still a long way to go before a meaningful deal.
On Wednesday, the U.S. trade delegation released a statement noting a long list of outstanding issues in the relationship between the world's two largest economies — including "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services, and agriculture."
Still the official statement also recognized that China had pledged to buy "a substantial amount of agricultural, energy, manufactured goods, and other products and services" from the U.S. Some analysts said that language, in addition to the meeting extending to a previously unannounced third day, indicated some potential thawing in the dispute.
"There were several signs of modest progress from these mid-level talks. First, negotiations went a day over the original schedule, indicating enough substantive discussion to at least keep officials at the table. Day three reportedly focused on the more knotty structural issues raised by the US side in detailed demands presented to Beijing in May 2018," a group of experts from political risk consultancy Eurasia Group wrote in a Wednesday note.
They added: "Second, (the U.S. Trade Representative's) statement noted that China has pledged to purchase a 'substantial amount' of US exports, including agriculture, energy and manufactured goods. That language suggests that, as we expected, Beijing is carrying out a strategy of aggressively purchasing US goods — playing to (U.S. President Donald Trump's) focus on reducing the trade deficit — in the hopes that it lessens the pressure on China to undertake difficult structural measures."
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