Hopes of avoidance of a full blown trade war with between China and the United States emerged after the end of a longer than expected trade talks between trade representatives of the two countries came to an end. The detailed results of the three day talks would be made public later, said officials.
China’s Foreign Ministry said that the fact that n\both the sides were “serious” was showed by the extension of the talks to an unscheduled third day.
There was optimism about the possible agreement of trade between the two largest economies of the world which pushed up the share prices in Asia along with the markets in Europe and the United States.
The U.S. trade delegation would return to the United States later on Wednesday after a “good few days”, said Ted McKinney, U.S. Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs.
“I think they went just fine,” McKinney said of the talks. “It’s been a good one for us,” he told reporters at the delegation’s hotel, without elaborating.
Both China and the US had agreed to extend the negotiations by another day after the two scheduled days of talks, said Chinese Foreign Ministry spokesman Lu Kang at a daily news briefing.
“I can only say that extending the consultations shows that the two sides were indeed very serious in conducting the consultations,” said Lu when asked if the extension meant that the talks were difficult.
The two parties met for the first time face-to-face following the announcement of a 90 day truce to the trade war between US and China after an agreement to hold trade talks between U.S. President Donald Trump and Chinese President Xi Jinping in early December.
And even as the talks were extended by a day, there were signs already of some advancement in the trade relations between the two countries which included more U.S. farm and energy commodities purchase and greater access to China’s markets.
However, there were reports that there was quite rift between the two parties over issues related to structural reforms in the Chinese economy which was being demanded by Trump administration so that alleged theft of intellectual property and forced transfer of technology of American companies.
In case there is not deal on trade between the two countries be\y March 1, Trump has pledged to increase the 10 per cent tariff on Chinese goods worth $200 billion to 40 per cent. This is of significance because there is a slowdown of the Chinese economy.
But Trump tweeted: “Talks with China are going very well!” even as the negotiations were closing down in China on Tuesday evening.
Chinese state newspaper the China Daily said on Wednesday that while there is intention of China to bring an end to the trade war with the US, no “unreasonable concessions” would be made by it and both sides have to compromise to come to a deal.
(Adapted from NYTimes.com)