U.S.' Mnuchin expects progress in 'complicated' China trade talks

U.S.' Mnuchin expects progress in 'complicated' China trade talks

People familiar with the talks said manufactured goods, a key priority for the Trump administration, were among the largest components of Chinese purchase pledges aimed at significantly reducing the U.S. trade deficit with China.

Further complicating matters, China triggered the legal process on Monday for the World Trade Organization to hear Beijing's challenge to US tariffs, and berated the United States for blocking the appointment of judges who could rule on it.

Asian shares stumbled on Tuesday and the dollar hovered near two-week lows as prospects for a long-awaited Sino-U.S. trade deal were dealt another blow after the United States levelled sweeping criminal charges against China's telecom giant Huawei.

The jolt threatens to undermine prospects for a trade deal between the economic giants as markets nervously await a round of trade talks with Chinese Vice Premier Liu He set to meet USA officials on Wednesday and Thursday.

U.S. Commerce Secretary Wilbur Ross, speaking about the Huawei indictments, said Monday that the trade talks and legal case are separate matters.

The Huawei indictment came as a Chinese delegation including Liu and Vice Commerce Minister Wang Shouwen was already in Washington preparing for the talks, a person familiar with the discussions said.

While the fact that the sides are talking is a positive, US officials said they don't see an agreement by the end of the negotiations this week.

She said Liu will meet with Trump, as the President is eager to press the case for expanded U.S. exports to China. That needs to be negotiated. 'Made in China 2025'Early this month, Chinese officials signaled they were open to reducing the trade imbalance but there has been scant sign of movement on Washington's tougher demands.

Cricket Betting Tips and Match Prediction- New Zealand v India 4th ODI
New Zealand batting also looked clueless against India's quality bowling attack, managing to post a 200 plus score only once. In reply, the Indians were in control of the run chase throughout the innings.

Reuters reported earlier this month that USA officials were demanding regular reviews of China's progress on pledged trade reforms, which would maintain the threat of tariffs long term.

Chinese Vice Premier Liu He is leading a delegation of 30 officials to Washington for talks tomorrow and Thursday as the pressure mounts on both sides to reach a deal.

"There remains a vast distance separating the negotiating positions of the two sides, making a comprehensive and durable deal unlikely", Prasad said.

The meeting is aimed at "achieving needed structural changes in China that affect trade between the United States and China", it said in a statement.

China is unlikely to give much ground on industrial policy and state support for industries, but it could promise to improve intellectual property protections and enforcement.

The negotiation comes at a tense time for U.S. Commerce Secretary Wilbur Ross said last week the sides are still "miles and miles" apart amid ongoing concerns from the US side on intellectual property and the trade deficit.

It said the meetings will take place in the Eisenhower Executive Office Building, part of the White House complex.

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