Trump likely to meet with China’s Wang Qishan in Davos

Trump likely to meet with China’s Wang Qishan in Davos

United States and Chinese negotiators on Monday held their first face-to-face talks since the world's two largest economies agreed to a truce aimed at resolving their trade dispute.

U.S. officials are meeting their counterparts in Beijing this week for the first face-to-face talks since U.S. President Donald Trump and China's President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global markets.

Lu Kang, spokesman for the Chinese foreign ministry, said: "From the beginning we have believed that China-US trade friction is not a positive situation for either country or the world economy".

Ministry spokesman Lu said Monday during a routine briefing that Chinese military aircraft and naval vessels were dispatched to identify the US vessel and warn it to leave the area near disputed islands in the South China Sea.

Trump has already said he is ready to impose tariffs on the remaining $267 of annual Chinese exports to the United States if the two sides fail to agree on a deal within the 90-day truce period. "Their economy's not doing very well", he told reporters on Sunday.

The USS McCampbell has carried out a "freedom of navigation" operation, sailing within 12 nautical miles of the Paracel Island chain, in the South China Sea "to challenge excessive maritime claims", Reuters reported quoting Pacific Fleet spokeswoman Rachel McMarr's statement.

A delegation of USA officials including deputy trade representative Jeffrey Gerrish arrived in Beijing on Sunday ahead of several days of trade talks with Chinese officials.

They've also promised to allow more foreign access to its auto, finance and other industries.

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"If China was going to raise the white flag, it would have done it already", the paper said.

But cooling economic growth in both countries is raising pressure to reach a settlement.

Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

"Right now, it appears that China is [suffering the most] but if you start looking at what's happening in the U.S., the volatility on the market, the long-term affects of this I think you'll find that both are suffering", Tangen said. Auto sales tumbled 16 percent in November over a year earlier. They criticize his tactics but echo US complaints about Chinese industrial policy and market barriers.

Trump initiated the hostilities because of complaints over unfair Chinese trade practices - concerns shared by the European Union, Japan and others.

"China will continue to take the necessary measures to defend national sovereignty and security".

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications.

So far demand for Australian commodities has held up (and will benefit from a fresh bout of stimulus-inspired infrastructure investment) but a full-scale trade war would have much more severe impacts on a global economy which is over-leveraged and already slowing and an Australian economy which (at the household level at least) is over-leveraged and also appears to be slowing.

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