US, China face deep trade, IP differences in high-level talks
31 January, 2019, 22:38 | Author: Billie Castillo
Trump also wants to cut the soaring U.S. trade deficit with China, which in 2017 hit a record $375 billion, not including trade in services.
The round of talks Wednesday and Thursday will cover USA demands for structural changes to China's economy and Beijing's pledge to buy more American goods.
A crucial component of any progress in the talks, according to top administration officials, is agreement on a mechanism to verify and "enforce" China's follow-through on any reform pledges that it makes.
Led by U.S. Trade Representative Robert Lighthizer, U.S. participants will include Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, Larry Kudlow, director of the White House National Economic Council, and Peter Navarro, director of the White House Office of Trade and Manufacturing Policy.
She said Liu will meet with Trump, as the President is eager to press the case for expanded United States exports to China.
United States (US) president Donald Trump will be meeting China's vice premier Liu He this week as the Chinese envoy heads to Washington for the next round of trade talks targeted to quell the trade spat between both countries.
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Prospects for a deal between the economic giants will be tested as the US Justice Department unsealed indictments against China's top telecom equipment maker, Huawei, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc. "But IP (intellectual property) protection, no more forced joint ventures, and enforcement are three of the most important issues on the agenda".
U.S. Commerce Secretary Wilbur Ross, speaking about the Huawei indictments, said Monday that the trade talks and legal case are separate matters. The meetings are a part of the agreement of a "temporary truce" reached by Trump and his Chinese counterpart Xi Jinping during their dinner on December 1 on the sidelines of the G20 summit in Argentina. Last year, the U-S government imposed tariffs on billions of dollars of Chinese goods. "Hopefully they make some good progress that will set them up to be able to get to completion at the end of the 90 days".
It will get worse for both United States and Chinese firms and financial markets if Washington and Beijing can not show enough progress to at least delay the Mar 2 tariff deadline, said Nicholas Lardy, a senior fellow and China trade expert at the Peterson Institute for International Economics in Washington. -China relations. In a 13-count indictment in Brooklyn, New York, the USA government alleged Huawei, two affiliated companies and its chief financial officer of fraud and conspiracy in connection with deals in Iran. The tactic could backfire, he said in an interview with Bloomberg TV.
Huawei has been the target of a broad US crackdown over allegations it has stolen trade secrets, violated sanctions against Iran and sold equipment that could be used by China's Communist Party for spying.
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Both countries should be clear that they will uphold worldwide norms and global law when it comes to trade relations. Tensions were first aroused over the arrest of the corporation's CFO Meng Wanzhou on 1 December 2018.
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In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+. Mr Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.