U.S. Holds 'Constructive' Trade Talks with China

Chinese workers making Santa Claus dolls at a toy factory in Ganyu district in Lianyungang east China's Jiangsu province

The United States and China are expected to meet next week in Washington to further discuss the trade deal, announced US Treasury SecretaryMnuchin Steven on Friday (local time).Mnuchin made the announcement after concluding a full day of "constructive" talks in Beijing."I concluded constructive trade talks in Beijing".

The burst of diplomacy suggests both sides remain determined to reach an agreement that would avoid any escalation of the eight-month trade war that has seen them impose duties on $360 billion of each others' imports.

The US delegation arrived in Beijing on Thursday and began discussions with Chinese officials over a working dinner. He did not elaborate and it was not immediately clear with whom he had dined. China wants the United States tariffs imposed on Chinese goods lifted but Mr Trump said last week the duties would remain in place for a "substantial period of time".

Though his blunt-force use of tariffs has angered many, Trump's push to change what are widely viewed as China's market-distorting trade and subsidy practices has drawn broad support.

Expressing a true-blue optimism over an affirmative outcome on trade talks sooner than anticipated, the official said, "If you looked at the texts a month ago compared to today, we have moved forward in all areas".

The discussions will continue next week when Liu will travel to Washington to meet with USA negotiators as well as President Donald Trump, according to Kudlow.

Mnuchin and Lighthizer greeted a waiting Liu at the Diaoyutai State Guest House just before 9 a.m. (0100 GMT), and in two brief appearances before journalists, the three mingled and joked with members of the opposite teams.

It had been previously reported that both sides were pushing for proposals on cyber theft, technological transfers, services, intellectual property rights, currency, agriculture and non-tariff barriers to trade.

U.S. Senate Finance Committee Chairman Chuck Grassley told Reuters in Malvern, Iowa, that he has been told the Trump administration is planning to complete a deal with China by the end of April.

One person with knowledge of the talks said "translation is definitely an issue", referring to discrepancies between the Chinese- and English-language versions.

It is hard to predict if China will accept a deal leaving some tariffs in place, said economist Cui Fan of the University of International Business and Economics in Beijing. "We're not going to give up our leverage", Kudlow said.

There remains scepticism that any deal can permanently resolve U.S.

Trade between the two nations has been the main issue for Wall Street as investors fear a prolonged war between the world's largest economies could hinder corporate profits and economic growth.

USA companies say they are often pressured into handing over technological know-how to Chinese joint venture partners, local officials or regulators as a condition for doing business in China.

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