US-China Trade Negotiations: To Be Continued

Forex News

Today in Beijing two days of discussions in the field of trade between the US and China have come to the end. The world's two largest economies sought to find a way to stave off global concerns of a full-blown trade war. China’s official Xinhua News Agency reported, that both sides reached a consensus on some trade issues without providing details. They also acknowledged major differences on some issues and will continue to communicate to work towards greater progress.

The discussions, led by Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, were expected to cover a wide range of US complaints about alleged unfair trade practices in Beijing. A major breakthrough deal to fundamentally change China's economic stance was widely viewed as highly unlikely.

Previously, Steven Mnuchin said that the US and China had a very good conversation, without specifying any details. At the same time, China did not specify any details regarding the negotiation process.

The closed-door discussions between President Donald Trump’s economic team and officials in Beijing began Thursday, amid a ban on China’s largest media outlets reporting any material beyond official press releases related to the talks, according to people familiar with the matter.

According to a report issued before the trade talks in Beijing, a US trade delegation asked China to decrease the trade deficit by at least $200 billion by the end of 2020 compared with 2018. The US report, released Thursday, showed the trade gap with China surged by 16% to more than $91 billion in the first quarter of this year.