China offer unlikely to spur major trade breakthrough - senior USA official

China offer unlikely to spur major trade breakthrough - senior USA official

China offer unlikely to spur major trade breakthrough - senior USA official

Beijing provided the Trump administration with its document earlier this week, responding to a months-long request from USA officials for commitments that would jumpstart trade talks, Reuters reported on Wednesday.

When Mr. Cohn has departed from the White House earlier this year it led to a string of departures as he was a supporter of free trade while Mr. Trump wanted to impose tariffs on aluminum and steel.

U.S. Vice President Mike Pence said on Tuesday that Beijing needed to change its behavior to avoid a new cold war with the United States.

But they also were an acknowledgment of just how hard securing a deal will be. The US government is weighing whether to impose tariffs on Japanese and European SUVs, vans and auto parts, ostensibly to protect national security interests.

It was too early to tell whether China's offer would be sufficient to preclude an increase in us tariffs at the start of 2019, he said.

The tariff rate on $200 billion in Chinese goods is set to increase to 25 percent from 10 percent on January 1.

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Trump has already imposed steep tariffs on US$250 billion (S$340 billion) of Chinese goods, and has threatened to hit another US$267 billion, which would be all imports from the worlds number two economy. But whether or not Washington and Beijing will be able to strike a deal and avoid a looming sharp hike in tariffs on $200 billion in Chinese goods remains uncertain.

He said that China also needs to make concessions on other issues, including in respect of intellectual property theft, restrictions of access to Chinese markets, compliance with global rules and standards, limiting the freedom of navigation in worldwide waters.

Trump has made it a priority to take an aggressive stance against China for what he says are unfair trade practices, including intellectual property theft and forced technology transfers.

The Chinese Foreign Ministry didn't immediately respond to a fax seeking comment that was sent before regular working hours on Thursday. Both head of state also welds great power, with President Donald Trump's control on trade tariffs unperturbed by the latest midterms election results.

The commitments for now fall short of the type of major structural reforms that President Donald J. Trump has been demanding, two of the people said, cautioning that a long road lies ahead in negotiations.

"High-level contacts between the two sides on economics and trade have resumed following the November 1 conversation between the Chinese and American heads of state", said Gao. Prior to the meeting, the willingness to engage in discussion had been shown from both sides and this goodwill could be sustained particularly with the two high-level figures in attendance. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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