Published: Mon, January 07, 2019
World News | By Sandy Lane

China and United States to hold trade talks in Beijing next week

China and United States to hold trade talks in Beijing next week

Kevin Hassett, the White House economic adviser, said on Thursday the sharp drop in Chinese economic growth will hit US profits but sales for Apple and other firms should rebound once a trade deal is struck.

The talks are going ahead despite tension over the arrest of a Chinese tech executive - Huawei's chief financial officer, Meng Wanzhou - in Canada on USA charges related to possible violations of trade sanctions on Iran.

Since then, the case for peace has strengthened as economic risks in the USA and China have grown and financial markets have reeled. So far, China and the U.S. have slapped tariffs on $300 billion worth of each other's goods. The S&P 500 Index tumbled 2.5 per cent on Thursday amid mounting indications that United States business is starting to feel the pinch from the trade war. American officials worry those might erode USA industrial leadership, and complain that China's technological prowess is underpinned by the theft of intellectual property from US firms.

Since the two leaders agreed on a truce on the sidelines of the G20 summit meeting in Buenos Aires, however, there have been small signs of progress - and an absence of new threats from Trump. Hassett agrees with Apple CEO Tim Cook, who said that "trade tensions between the United States and China put additional pressure on their economy".

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

In a hard jab, Romney highlights the 68-point plummet in trust America's closest allies have that the USA president will do the right thing between former President Barack Obama's last year in office and Trump's first year.

"Clearly both sides are feeling economic stress, but both have high ambitions".

The U.S. economy, the world's biggest, is expected to slow from a very robust 2018 but should remain strong until about mid-2020 when economists polled by Reuters expect it to settle at 1.8 percent. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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He said slowing consumer demand in China gives Trump an edge in ongoing trade negotiations. Since Apple CEO Tim Cook is attributing this to President Donald Trump's trade war with China, Hassett argued that this fits with what he's been saying about how the USA economy is supposedly growing while intercontinental markets are slowing down.

"Apple makes its product in China".

In a separate statement on Friday, USTR said the delegation will also include Under Secretaries from the US Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from those agencies and the White House.

The Commerce Ministry last week said that Beijing was preparing to work with Washington to implement the broad consensus reached, referring to the agreement reached in Argentina between Xi and Trump. Trump had been set to raise the tariffs on most of the Chinese goods on January 1.

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