China officials to begin trade war talks in Beijing


US President Donald Trump also said trade talks were going "very well", and he was confident that both sides will come to an agreement.

Officials from both countries are meeting in China this week in the first face-to-face interaction they've had since last November, when they agreed to a 90-day cease-fire in their trade dispute.

"Both China and the USA agreed to follow through on the consensus reached by both leaders to conduct positive and constructive talks in resolving our dispute", China's foreign ministry spokesman Lu Kang told reporters on Monday, declining to provide further details.

"From the beginning we have believed that China U.S. trade friction is not a positive situation for either country or the world economy", Lu said. There are concerns that USA growth, 3.4 percent in the third quarter, could also be slowing even as the country's unemployment rate remains almost at a five-decade low.

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to United States dollars 375 billion, sounded positive note by saying that negotiations between the two sides were going "very well".

"The China talks are going very well", he said. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

"For example, with [resuming] buying US soybeans, it is because China has no choice but to buy".

The White House said in December the two sides would negotiate "structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft". All eyes are on trade talks in Beijing, where American and Chinese officials are trying to resolve a trade dispute that has dampened the outlook of businesses and the global economy.

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China's foreign ministry on Monday confirmed that Wang would deliver a keynote speech at Davos.

The visiting delegation, led by Deputy US Trade Representative Jeffrey Gerrish, left its hotel in Beijing on Monday morning without speaking to reporters for a first day of talks.

Economists say the 90-day postponement of tariff increases that had been meant to take effect January 1 may be too short to settle the disputes bedeviling U.S.

In his New Year address, Xi said despite the slowdown the Chinese economy stayed within a reasonable range in 2018. Lighthizer is deeply skeptical of Beijing and has warned Trump that the USA may need to exert more pressure through "additional tariffs" to win "true" concessions, The New York Times has reported. The incident could have caused a collision, USA officials said at a time.

"China's economy is significantly slowing down, and the US stock market is declining quickly".

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications.

The protracted trade war between the top two economies of the world is seen by many as a battle for global leadership.

American companies like Apple and FedEx have already attributed lowered revenue estimates to the trade war with China.