Us-china trade talks move to higher level as deadline looms
BEIJING: US Treasury Secretary Steven Mnuchin said he was looking forward to trade talks with China on Thursday, as discussions in Beijing moved to a higher level in a push to deescalate a tariff war ahead of a March 1 deadline for a deal.
The talks, scheduled to run through Friday, follow three days of deputy-level meetings to work out technical details, including a mechanism for enforcing any trade agreement.
“Looking forward to discussions today,” Mnuchin told reporters without elaborating as he left his hotel.
He and US Trade Representative Robert Lighthizer opened the meetings shortly afterward at the Diaoyutai state guest house with Chinese Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping.
US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides don’t reach a deal by the deadline, increasing pressure and costs in sectors from consumer electronics to agriculture. US President Donald Trump told reporters on Wednesday that the negotiations progressing “very well”.
Trump’s advisors have described March 1 as a “hard deadline”, and the president has said a delay was possible though he preferred not to do so.
A Bloomberg report cited sources saying Trump was considering pushing back the deadline by 60 days to give negotiators more time. Countering that, Hu Xijin, the editor-in-chief of China’s nationalist Global Times tabloid, tweeted that speculation on an extension was “inaccurate”, citing a source close to talks.
Chinese Commerce Ministry spokesman Gao Feng told reporters he no information on the trade talks’ progress, but would release information once there is any update.
Trump has said he did not expect to meet with Xi prior to March 1, but White House Press Secretary Sarah Sanders has raised the possibility of a meeting between the leaders at the president’s personal retreat at Mar-alago in Florida.
Chinese Foreign Ministry spokeswoman Hua Chunying said had been she noted Trump had said many time he wished to meet Xi, and that China was willing to maintain “close contact” with the US side, but said she had no information to share on any visit by Xi.
US Department of Agriculture Deputy Secretary Stephen Censky said on Wednesday that the two presidents were expected to meet “sometime in March,” but no dates were set.
The Chinese government has offered few details about the state of negotiations this week. Chinese trade data released on Thursday showed imports from the United States fell 41.2 per cent from a year earlier to $9.24 billion, the lowest amount in dollar terms since February 2016.
Exports to the United States also declined 2.4 per cent to $36.54 billion, the lowest amount since April 2018.
China’s trade surplus with the United States narrowed to $27.3 billion in January, from $29.87 billion in December.
China’s soybean imports fell 13 per cent in January from a year earlier, customs data showed, as a hefty duty on shipments from the United States, its second largest supplier, curbed purchases.
The United States has used tariffs as leverage to demand Beijing make major structural policy changes, including ending the forced transfer of American technology, fully enforcing intellectual property rights, and curbing industrial subsidies.