White House economic adviser <a href="https://www.wionews.com/world/china-us-talks-likely-to-heat-up-in-october-meeting-kudlow-248069">Larry Kudlow </a>said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer.

"A deal of this size and scope and central global importance, I don't think 18 months is a very long time," Kudlow said.

"The stakes are so high, we have to get it right, and if that takes a decade, so be it," Kudlow added, drawing parallels to US&nbsp;Cold War competition against the Soviet Union.

But in confirming talks between the high-level US&nbsp;and Chinese officials in early October, Kudlow declined to predict outcomes or a specific timeline for reaching any agreements.

The plans for the first in-person US and&nbsp;China trade meetings since late July were set during a phone call on Thursday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Trade deputies are due to meet in mid-September.

'Back to May'

The 14-month <a href="https://www.wionews.com/world/us-china-trade-war-to-knock-05-points-off-global-growth-french-finance-minister-247859">US and China trade war</a> has escalated sharply since May when talks broke down after Beijing backtracked on earlier commitments to make changes in the law to improve intellectual property protections, curb the forced transfer of US technology to Chinese firms and improve the US access to Chinese markets.

Since then, <a href="https://www.wionews.com/world/donald-trump-bullish-on-china-tariffs-but-aide-warns-of-long-haul-248138">US&nbsp;President Donald Trump</a> has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage.

Kudlow told Bloomberg TV that he could not speculate on whether the September or October talks could delay a planned tariff increase on October&nbsp;1 to 30 per cent&nbsp;from 25 per cent&nbsp;on $250 billion worth of Chinese goods.

"We would like to go back to where we were last May, but I don't know if that's possible, and I don't want to predict any outcomes. This is a difficult matter," told reporters at the White House.

He also said that it was important that Chinese reforms be reflected in changes to its laws and that any deal must have enforcement provisions to ensure that China lives up to its commitments.

'Everything on table'

He said on Fox Business Network that the September and October talks would cover all of the core issues in the dispute.

"Everything will be on the table. You can rest assured, for example, the absolute key structural issues the IP theft, the forced transfer of technology, the cyberspace, the clouds, financial services, all of that will be on the table&nbsp;agriculture purchases, industrial purchases, energy purchases, getting tariff and non-tariff barriers down," Kudlow said.

While there were no precondition talks, Kudlow told Bloomberg TV that the Trump administration wants "to see results in the near term."

"When we don't see results, we take additional actions," Kudlow said. "On the other hand, if we do see results from these upcoming meetings, then progress will be made."

Trump said on Twitter that China was hurting economically from the US&nbsp;tariffs but that the new round of talks was positive.

"'China is eating the Tariffs,'" Trump tweeted. "Billions pouring into the USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs!

Good Jobs Numbers, No Inflation(Fed). China having the worst year in decades. Talks happening, good for all!"

White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve. Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer. "A deal of this size and scope and central global importance, I don't think 18 months is a very long time," Kudlow said. "The stakes are so high, we have to get it right, and if that takes a decade, so be it," Kudlow added, drawing parallels to US Cold War competition against the Soviet Union. But in confirming talks between the high-level US and Chinese officials in early October, Kudlow declined to predict outcomes or a specific timeline for reaching any agreements. The plans for the first in-person US and China trade meetings since late July were set during a phone call on Thursday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Trade deputies are due to meet in mid-September. 'Back to May' The 14-month US and China trade war has escalated sharply since May when talks broke down after Beijing backtracked on earlier commitments to make changes in the law to improve intellectual property protections, curb the forced transfer of US technology to Chinese firms and improve the US access to Chinese markets. Since then, US President Donald Trump has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage. Kudlow told Bloomberg TV that he could not speculate on whether the September or October talks could delay a planned tariff increase on October 1 to 30 per cent from 25 per cent on $250 billion worth of Chinese goods. "We would like to go back to where we were last May, but I don't know if that's possible, and I don't want to predict any outcomes. This is a difficult matter," told reporters at the White House. He also said that it was important that Chinese reforms be reflected in changes to its laws and that any deal must have enforcement provisions to ensure that China lives up to its commitments. 'Everything on table' He said on Fox Business Network that the September and October talks would cover all of the core issues in the dispute. "Everything will be on the table. You can rest assured, for example, the absolute key structural issues the IP theft, the forced transfer of technology, the cyberspace, the clouds, financial services, all of that will be on the table agriculture purchases, industrial purchases, energy purchases, getting tariff and non-tariff barriers down," Kudlow said. While there were no precondition talks, Kudlow told Bloomberg TV that the Trump administration wants "to see results in the near term." "When we don't see results, we take additional actions," Kudlow said. "On the other hand, if we do see results from these upcoming meetings, then progress will be made." Trump said on Twitter that China was hurting economically from the US tariffs but that the new round of talks was positive. "'China is eating the Tariffs,'" Trump tweeted. "Billions pouring into the USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs! Good Jobs Numbers, No Inflation(Fed). China having the worst year in decades. Talks happening, good for all!"

US, China trade conflict could take years to resolve: White House economic adviser Larry Kudlow

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

 
The talks were agreed to in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US&nbsp;Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website.

China's central bank governor Yi Gang was also on the call. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said.

 
"Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-US&nbsp;high-level negotiations in early October."

 
Gao also said Beijing opposes any escalation in the trade war. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said.

 
A spokesman for the US&nbsp;Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".

 
News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the US-China trade war before it inflicts further damage on the global economy.

 
On Sunday, Washington began imposing 15 per cent&nbsp;tariffs on an array of Chinese imports, while China began placing duties on US&nbsp;crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization.

 
The United States plans to increase the tariff rate to 30 per cent&nbsp;from the 25 per cent&nbsp;duty already in place on $250 billion worth of Chinese imports from October 1.

US President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US&nbsp;recession.

 
Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for October 1.

 
They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession. The talks were agreed to in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website. China's central bank governor Yi Gang was also on the call. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said. "Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-US high-level negotiations in early October." Gao also said Beijing opposes any escalation in the trade war. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said. A spokesman for the US Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks". News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the US-China trade war before it inflicts further damage on the global economy. On Sunday, Washington began imposing 15 per cent tariffs on an array of Chinese imports, while China began placing duties on US crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization. The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on $250 billion worth of Chinese imports from October 1. US President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US recession. Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for October 1. They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

China, US to hold trade talks in October; Beijing says phone call went well

Stocks floated higher on Thursday, lifted by positive sentiment surrounding the <a href="https://www.wionews.com/world/china-hopes-us-will-create-conditions-necessary-for-september-trade-talks-246427">US-China trade war</a>, while the pound steadied after a Brexit-fueled slump.

China's Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk.

Hope the countries could avoid catastrophe sent Wall Street higher for a second day while European stocks rebounded and London consolidated gains. Asian bourses were mainly flat.

"People are holding out hope," Maris Ogg of Tower Bridge Advisors told AFP, although that optimism may prove short lived.

"If the trade wars go away or dissipates, clearly you have a healthier economic environment," she said. "But you need some concrete actions for this to have long term impact."

In Milan, the FTSE MIB index gained almost 2.0 percent after Italian President Sergio Mattarella gave Prime Minister Giuseppe Conte a mandate to form a new government &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

Investors were mulling the significance of a fall in yields on 10-year US Treasurys, which recently dropped below that for two-year Treasury notes -- widely viewed as a reliable recession indicator.

It comes against a backdrop of slowing global growth.

In foreign exchange, the pound was stable a day after it fell on UK Prime Minister Boris Johnson's shock decision to bring an end to the parliamentary year and not restart it until mid-October.

While he said the extended recess was to draw up a full legislative program, anti-Brexiters were fuming that it would cut short any time they could have to debate a plan to avert a no-deal exit from the EU on October 31, with some calling it a "coup."

Johnson could face a vote of no confidence, which could lead to a British general election and continued uncertainty for the already struggling economy.

The euro fell back as incoming European Central Bank chief Christine Lagarde signaled that she would stick with Mario Draghi's controversial expansionary monetary policy that has propped up the eurozone economy amid growing risks to growth.

- Key figures around 2100 GMT -

New York - Dow: UP 1.3 percent at 26,362.25 (close)

New York - S&amp;P 500: UP 1.3 percent at 2,924.58 (close)

New York - Nasdaq: UP 1.5 percent at 7,973.39 (close)

London - FTSE 100: UP 1.0 percent at 7,184.32 points (close)

Frankfurt - DAX 30: UP 1.2 percent at 11,838.88 (close)

Paris - CAC 40: UP 1.5 percent at 5,449.97 (close)

EURO STOXX 50: UP 1.4 percent at 3,411.33 (close)

Tokyo - Nikkei 225: DOWN 0.1 percent at 20,460.93 (close)

Hong Kong - Hang Seng: UP 0.3 percent at 25,703.50 (close)

Shanghai - Composite: DOWN 0.1 percent at 2,890.92 (close)

Pound/dollar: DOWN at $1.2182 from $1.2213 at 2100 GMT

Euro/pound: UP at 90.76 pence from 90.68 pence

Euro/dollar: DOWN at $1.1057 from $1.1076

Dollar/yen: UP at 106.51 yen from 106.14 yen

Brent North Sea crude: UP 59 cents at $61.08 per barrel

West Texas Intermediate: UP 93 cents at $56.71 per barrel 
&nbsp;

Stocks floated higher on Thursday, lifted by positive sentiment surrounding the US-China trade war, while the pound steadied after a Brexit-fueled slump. China's Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk.

Stocks floated higher on Thursday, lifted by positive sentiment surrounding the US-China trade war, while the pound steadied after a Brexit-fueled slump. China's Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk. Hope the countries could avoid catastrophe sent Wall Street higher for a second day while European stocks rebounded and London consolidated gains. Asian bourses were mainly flat. "People are holding out hope," Maris Ogg of Tower Bridge Advisors told AFP, although that optimism may prove short lived. "If the trade wars go away or dissipates, clearly you have a healthier economic environment," she said. "But you need some concrete actions for this to have long term impact." In Milan, the FTSE MIB index gained almost 2.0 percent after Italian President Sergio Mattarella gave Prime Minister Giuseppe Conte a mandate to form a new government Investors were mulling the significance of a fall in yields on 10-year US Treasurys, which recently dropped below that for two-year Treasury notes -- widely viewed as a reliable recession indicator. It comes against a backdrop of slowing global growth. In foreign exchange, the pound was stable a day after it fell on UK Prime Minister Boris Johnson's shock decision to bring an end to the parliamentary year and not restart it until mid-October. While he said the extended recess was to draw up a full legislative program, anti-Brexiters were fuming that it would cut short any time they could have to debate a plan to avert a no-deal exit from the EU on October 31, with some calling it a "coup." Johnson could face a vote of no confidence, which could lead to a British general election and continued uncertainty for the already struggling economy. The euro fell back as incoming European Central Bank chief Christine Lagarde signaled that she would stick with Mario Draghi's controversial expansionary monetary policy that has propped up the eurozone economy amid growing risks to growth. - Key figures around 2100 GMT - New York - Dow: UP 1.3 percent at 26,362.25 (close) New York - S&P 500: UP 1.3 percent at 2,924.58 (close) New York - Nasdaq: UP 1.5 percent at 7,973.39 (close) London - FTSE 100: UP 1.0 percent at 7,184.32 points (close) Frankfurt - DAX 30: UP 1.2 percent at 11,838.88 (close) Paris - CAC 40: UP 1.5 percent at 5,449.97 (close) EURO STOXX 50: UP 1.4 percent at 3,411.33 (close) Tokyo - Nikkei 225: DOWN 0.1 percent at 20,460.93 (close) Hong Kong - Hang Seng: UP 0.3 percent at 25,703.50 (close) Shanghai - Composite: DOWN 0.1 percent at 2,890.92 (close) Pound/dollar: DOWN at $1.2182 from $1.2213 at 2100 GMT Euro/pound: UP at 90.76 pence from 90.68 pence Euro/dollar: DOWN at $1.1057 from $1.1076 Dollar/yen: UP at 106.51 yen from 106.14 yen Brent North Sea crude: UP 59 cents at $61.08 per barrel West Texas Intermediate: UP 93 cents at $56.71 per barrel

Global stocks boosted by China-US talk hopes

<a href="https://www.wionews.com/world/china-recruiting-spies-overseas-through-linkedin-report-246294">China</a> and the United States are discussing the next round of <a href="https://www.wionews.com/world/us-president-trump-says-china-wants-to-negotiate-over-trade-war-245660">face-to-face trade talks</a> scheduled in September, but hopes for progress hinge on whether Washington can create favourable conditions, China's commerce ministry said on Thursday.

In the latest tit-for-tat escalation of the trade war between the world's two largest economies, US&nbsp;President Donald Trump last Friday said he would heap an additional duty of 5 per cent on about $550 billion in targeted Chinese goods.

The move came hours after China had unveiled retaliatory tariffs on $75-billion worth of US&nbsp;goods.

China hopes the United States can cancel the planned additional tariffs to avoid an escalation in the trade war, its commerce ministry spokesman, Gao Feng, told reporters on Thursday.

"The most important thing at the moment is to create necessary conditions for both sides to continue negotiations," he said during a weekly briefing, adding that China was lodging "solemn representation" with the United States.

For two years, the Trump administration has sought to pressure China to eliminate what it calls unfair trade practices and make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

But China has constantly denied such accusations, vowing to fight back in kind and criticizing US&nbsp;measures as protectionist.

Gao said China had "ample" countermeasures to retaliate against the planned US&nbsp;tariffs, but talks in the current circumstances should focus on whether the tariffs could be cancelled.

He did not answer directly when asked if his remarks suggested China would not retaliate against the latest US&nbsp;tariff threat.

China has repeatedly said it would have no choice but to retaliate if the United States followed through on its threat.

On Monday, Trump predicted a trade deal with China, saying he believed it was sincere about wanting to reach a deal, citing what he called increasing economic pressure on Beijing and job losses there.

Trump cited as a positive sign comments by Vice Premier Liu He, who has been leading the talks with Washington, that China was willing to resolve the dispute through "calm" negotiations.

He repeated his assertion that Chinese officials had contacted US&nbsp;trade counterparts overnight, offering to resume negotiations, a statement that China declined to confirm.

Gao also declined to provide any detail when asked if there had been a call this week between Beijing and Washington.

"As far as I know, both trade teams have maintained effective communication," he said.

In July 2018, the US-China trade dispute boiled over in tariffs on hundreds of billions of dollars' worth of each other's goods and threatens to engulf all trade between the countries, putting global growth at risk.

"We hope the United States will show sincerity and concrete actions," Gao said.

China and the United States are discussing the next round of face-to-face trade talks scheduled in September, but hopes for progress hinge on whether Washington can create favourable conditions, China's commerce ministry said on Thursday.

China and the United States are discussing the next round of face-to-face trade talks scheduled in September, but hopes for progress hinge on whether Washington can create favourable conditions, China's commerce ministry said on Thursday. In the latest tit-for-tat escalation of the trade war between the world's two largest economies, US President Donald Trump last Friday said he would heap an additional duty of 5 per cent on about $550 billion in targeted Chinese goods. The move came hours after China had unveiled retaliatory tariffs on $75-billion worth of US goods. China hopes the United States can cancel the planned additional tariffs to avoid an escalation in the trade war, its commerce ministry spokesman, Gao Feng, told reporters on Thursday. "The most important thing at the moment is to create necessary conditions for both sides to continue negotiations," he said during a weekly briefing, adding that China was lodging "solemn representation" with the United States. For two years, the Trump administration has sought to pressure China to eliminate what it calls unfair trade practices and make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access. But China has constantly denied such accusations, vowing to fight back in kind and criticizing US measures as protectionist. Gao said China had "ample" countermeasures to retaliate against the planned US tariffs, but talks in the current circumstances should focus on whether the tariffs could be cancelled. He did not answer directly when asked if his remarks suggested China would not retaliate against the latest US tariff threat. China has repeatedly said it would have no choice but to retaliate if the United States followed through on its threat. On Monday, Trump predicted a trade deal with China, saying he believed it was sincere about wanting to reach a deal, citing what he called increasing economic pressure on Beijing and job losses there. Trump cited as a positive sign comments by Vice Premier Liu He, who has been leading the talks with Washington, that China was willing to resolve the dispute through "calm" negotiations. He repeated his assertion that Chinese officials had contacted US trade counterparts overnight, offering to resume negotiations, a statement that China declined to confirm. Gao also declined to provide any detail when asked if there had been a call this week between Beijing and Washington. "As far as I know, both trade teams have maintained effective communication," he said. In July 2018, the US-China trade dispute boiled over in tariffs on hundreds of billions of dollars' worth of each other's goods and threatens to engulf all trade between the countries, putting global growth at risk. "We hope the United States will show sincerity and concrete actions," Gao said.

China hopes US will create conditions necessary for September trade talks

China said Thursday that it had begun purchasing more <a href="https://www.wionews.com/world/no-sense-for-us-to-exercise-maximum-pressure-says-china-as-trade-meeting-ends-239682">US farm goods as the two</a> economic giants restarted thorny trade talks with face-to-face negotiations in Shanghai this week.

Chinese enterprises had approached US suppliers to discuss purchasing a variety of <a href="https://www.wionews.com/world/us-china-trade-talks-begin-amid-trumps-threat-of-tougher-deal-ahead-239601">agricultural products</a> since mid-July, commerce ministry spokesman Gao Feng said at a regular press briefing.

Companies "have already purchased some agricultural products," he added.

Earlier, White House had said Chinese officials had reiterated a promise to buy US farm exports, a sign of possible progress following negotiations.

"The Chinese side confirmed their commitment to increase purchases of United States agricultural exports," the White House said in a statement, offering hope to an American industry badly battered in the two countries' trade war.

The talks were "constructive" and a new round of negotiations is set to be held in Washington in early September, the statement said.

US and Chinese negotiators agreed to meet again in the United States in September after holding "frank" and "constructive" talks in Shanghai on Wednesday, state media said following meetings overshadowed by a Twitter tirade from President Donald Trump.

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer met with Vice Premier Liu He in the Chinese financial hub for the first face-to-face negotiations since a trade war truce was declared last month.

"The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," according to the official Xinhua news agency, adding that the purchase of US agricultural goods by China was discussed.

Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in a row focused on demands for China to curb the alleged theft of American technology and provide a level playing field to US companies.

China said Thursday that it had begun purchasing more US farm goods as the two economic giants restarted thorny trade talks with face-to-face negotiations in Shanghai this week.

China said Thursday that it had begun purchasing more US farm goods as the two economic giants restarted thorny trade talks with face-to-face negotiations in Shanghai this week. Chinese enterprises had approached US suppliers to discuss purchasing a variety of agricultural products since mid-July, commerce ministry spokesman Gao Feng said at a regular press briefing. Companies "have already purchased some agricultural products," he added. Earlier, White House had said Chinese officials had reiterated a promise to buy US farm exports, a sign of possible progress following negotiations. "The Chinese side confirmed their commitment to increase purchases of United States agricultural exports," the White House said in a statement, offering hope to an American industry badly battered in the two countries' trade war. The talks were "constructive" and a new round of negotiations is set to be held in Washington in early September, the statement said. US and Chinese negotiators agreed to meet again in the United States in September after holding "frank" and "constructive" talks in Shanghai on Wednesday, state media said following meetings overshadowed by a Twitter tirade from President Donald Trump. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer met with Vice Premier Liu He in the Chinese financial hub for the first face-to-face negotiations since a trade war truce was declared last month. "The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," according to the official Xinhua news agency, adding that the purchase of US agricultural goods by China was discussed. Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in a row focused on demands for China to curb the alleged theft of American technology and provide a level playing field to US companies.

Have begun purchasing farm goods, says China after resuming trade talks with US

In an interview to FOX new network, US President Donald Trump has indicated that he is ready to slap tariffs on all remaining Chinese imports. Watch full video to know more.

US President Donald Trump hints at more tariffs on Chinese goods

Mike Pompeo's visit to India comes ahead of a meeting between Donald Trump and PM Narendra Modi at the G20 Summit in Japan. Watch full video to know more.

Pompeo meets S Jaishankar: India-US joint statement likely at 2 PM

H 1B Visa, Trade War and most importantly the India-Rusia S-400 deal on agenda as US Secretary of State Mike Pompeo is on a 3-day visit to India. Watch full video to know more.

Mike Pompeo in India: Trade, India-Russia S-400 deal to be on agenda

Top Chinese and US officials will resume<a href="https://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043"> trade talks </a>in accordance with the wishes of their leaders, but China hopes the <a href="https://www.wionews.com/world/us-planning-more-tariffs-on-chinese-goods-represent-worst-scenario-for-both-countries-227803">United States</a> will create the necessary conditions for dialogue, the Chinese commerce ministry said on Thursday.&nbsp;

Negotiations to reach a broad trade deal broke down last month after <a href="https://www.wionews.com/world/we-need-chinese-products-says-us-publishers-amid-trade-war-228553">US officials </a>accused China of backing away from previously agreed commitments.

But hopes for a revival of negotiations have been rekindled by a telephone call on Wednesday between US President Donald Trump and his Chinese counterpart, Xi Jinping, and confirmation they will meet next week in Japan at a G20 summit.&nbsp;

US Trade Representative Robert Lighthizer said on Wednesday he would speak by telephone to Liu He, China`s vice premier and chief negotiator in the trade talks, "in the next day and a half".

"The heads of the two trade teams will communicate, according to instructions passed down from the two presidents," Chinese commerce ministry spokesman Gao Feng told reporters, without elaborating.&nbsp;

"We hope (the United States) will create the necessary conditions and atmosphere for solving problems through dialogue as equals."

The two countries have imposed increasingly severe tariffs on each other`s imports. China has vowed to not give in on issues of principle or under US pressure.

Trump has threatened to put tariffs on another $325 billion worth of goods, covering nearly all remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing.

The prospect of a de-escalation in the dispute has helped cheer financial markets weighed by threats of more tariff measures and countermeasures and strident rhetoric from both countries.

But three main differences remain, including the removal of all additional tariffs, China says. Both sides have disagreed over trade purchases and a "balanced" text for any trade deal.

Those three "matters of principle" cannot be compromised, China has said.

Asked if China`s demands for a trade deal were still tied to the three issues being met, Gao said: "China`s principles and basic stance on Sino-US economic and trade consultations have always been clear and consistent, and China`s core concerns must be properly resolved."

The US Trade Representative`s Office kicked off seven days of testimony this week from US retailers, manufacturers and other businesses about Trump`s tariff plan.

China hopes the United States would listen to its industry voices, and stop threatening tariffs and waging a trade war, Gao said, adding that such behaviour was "wrong" and should be "abandoned".

The upcoming trade talks between Xi and Trump are unlikely to immediately resolve major disagreements between the two sides but could start a new phase in negotiations, Chinese state media said on Thursday.

But when asked if China thought it could reach an agreement with the United States on issues such as its structural reforms, the implementation mechanism, intellectual right protection and further opening of its markets, Gao still expressed optimism.

"Both sides have immense mutual interests. I believe by taking care of each other`s concerns through equal dialogue, both sides will for sure be able to find a solution to solve the problems properly," Gao said.&nbsp;

'Bottom lines'

The official China Daily said in an editorial both parties were "in the mood for serious dialogue" as a full-blown trade war was "lose-lose", but one single meeting was unlikely to wrap everything up.

"The two parties` expectations are too divergent to allow that," it said.&nbsp;

"More likely than not, the one-on-one meeting will end up being the start of a new phase in the negotiations with the two leaders personally setting out their country`s respective bottom lines."

Another influential Chinese newspaper, the Global Times, said China had sent a clear signal to the United States that "China can never be daunted."

China has managed to get the United States back to the table with its determination and ability to "prepare for war", Taoran Notes, a widely read and influential WeChat account run by the Economic Daily, wrote late on Wednesday.

"Only by being able to fight, daring to fight and being good at fighting can you stop a war," it wrote.&nbsp;

China would take the "necessary measures" if the United States imposes additional tariffs on the $300 billion of Chinese goods, Gao said, without elaborating.

IP Theft and Reforms

The Trump administration has accused China of failing to protect intellectual property rights, forced technology transfers and of failing to provide a level playing field for US companies.

China has repeatedly promised to open its market wider to foreign investors and provide them with better services and treatment.

Speaking to a group of 19 chief executives of foreign multinationals in Beijing on Thursday, Premier Li Keqiang reiterated those promises.

"China will maintain our long-standing commitment to reform and opening in order to continue to expand and open. We welcome more and more foreign investment to come to China," Li said, in comments in front of reporters.&nbsp;

"We will also relax (restrictions on) access to even more fields to create a market-oriented, law-based internationalised business environment."

&nbsp;

Top Chinese and US officials will resume trade talks in accordance with the wishes of their leaders, but China hopes the United States will create the necessary conditions for dialogue, the Chinese commerce ministry said on Thursday.

Top Chinese and US officials will resume trade talks in accordance with the wishes of their leaders, but China hopes the United States will create the necessary conditions for dialogue, the Chinese commerce ministry said on Thursday. Negotiations to reach a broad trade deal broke down last month after US officials accused China of backing away from previously agreed commitments. But hopes for a revival of negotiations have been rekindled by a telephone call on Wednesday between US President Donald Trump and his Chinese counterpart, Xi Jinping, and confirmation they will meet next week in Japan at a G20 summit. US Trade Representative Robert Lighthizer said on Wednesday he would speak by telephone to Liu He, China`s vice premier and chief negotiator in the trade talks, "in the next day and a half". "The heads of the two trade teams will communicate, according to instructions passed down from the two presidents," Chinese commerce ministry spokesman Gao Feng told reporters, without elaborating. "We hope (the United States) will create the necessary conditions and atmosphere for solving problems through dialogue as equals." The two countries have imposed increasingly severe tariffs on each other`s imports. China has vowed to not give in on issues of principle or under US pressure. Trump has threatened to put tariffs on another $325 billion worth of goods, covering nearly all remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing. The prospect of a de-escalation in the dispute has helped cheer financial markets weighed by threats of more tariff measures and countermeasures and strident rhetoric from both countries. But three main differences remain, including the removal of all additional tariffs, China says. Both sides have disagreed over trade purchases and a "balanced" text for any trade deal. Those three "matters of principle" cannot be compromised, China has said. Asked if China`s demands for a trade deal were still tied to the three issues being met, Gao said: "China`s principles and basic stance on Sino-US economic and trade consultations have always been clear and consistent, and China`s core concerns must be properly resolved." The US Trade Representative`s Office kicked off seven days of testimony this week from US retailers, manufacturers and other businesses about Trump`s tariff plan. China hopes the United States would listen to its industry voices, and stop threatening tariffs and waging a trade war, Gao said, adding that such behaviour was "wrong" and should be "abandoned". The upcoming trade talks between Xi and Trump are unlikely to immediately resolve major disagreements between the two sides but could start a new phase in negotiations, Chinese state media said on Thursday. But when asked if China thought it could reach an agreement with the United States on issues such as its structural reforms, the implementation mechanism, intellectual right protection and further opening of its markets, Gao still expressed optimism. "Both sides have immense mutual interests. I believe by taking care of each other`s concerns through equal dialogue, both sides will for sure be able to find a solution to solve the problems properly," Gao said. 'Bottom lines' The official China Daily said in an editorial both parties were "in the mood for serious dialogue" as a full-blown trade war was "lose-lose", but one single meeting was unlikely to wrap everything up. "The two parties` expectations are too divergent to allow that," it said. "More likely than not, the one-on-one meeting will end up being the start of a new phase in the negotiations with the two leaders personally setting out their country`s respective bottom lines." Another influential Chinese newspaper, the Global Times, said China had sent a clear signal to the United States that "China can never be daunted." China has managed to get the United States back to the table with its determination and ability to "prepare for war", Taoran Notes, a widely read and influential WeChat account run by the Economic Daily, wrote late on Wednesday. "Only by being able to fight, daring to fight and being good at fighting can you stop a war," it wrote. China would take the "necessary measures" if the United States imposes additional tariffs on the $300 billion of Chinese goods, Gao said, without elaborating. IP Theft and Reforms The Trump administration has accused China of failing to protect intellectual property rights, forced technology transfers and of failing to provide a level playing field for US companies. China has repeatedly promised to open its market wider to foreign investors and provide them with better services and treatment. Speaking to a group of 19 chief executives of foreign multinationals in Beijing on Thursday, Premier Li Keqiang reiterated those promises. "China will maintain our long-standing commitment to reform and opening in order to continue to expand and open. We welcome more and more foreign investment to come to China," Li said, in comments in front of reporters. "We will also relax (restrictions on) access to even more fields to create a market-oriented, law-based internationalised business environment."

Hope US will create necessary conditions for dialogue as trade talks expected to resume: Chinese Commerce ministry

US Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease US restrictions on Huawei if there was progress in the trade row with China - but absent a deal, Washington would maintain tariffs to cut its deficit.

"I think what the president is saying is, if we move forward on trade, that perhaps he'll be willing to do certain things on Huawei if he gets comfort from China on that and certain guarantees," Mnuchin said. "But these are national security issues."

Washington has imposed and then toughened import tariffs on Chinese goods in a bid to reduce the United States' trade deficit and combat what it calls unfair trade practices.

It has also accused the Chinese telecommunications giant of espionage and stealing intellectual property, allegations that Huawei Technologies Co Ltd, a leading provider of next-generation 5G technology, denies.

Washington has put Huawei on a blacklist that effectively bans US firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing.

Mnuchin said the United States was prepared to come to a deal with China, but also to maintain tariffs if necessary.

"If China wants to move forward with the deal, we're prepared to move forward on the terms we've done. If China doesn't want to move forward, then President Trump is perfectly happy to move forward with tariffs to rebalance the relationship," Mnuchin said.

Commenting on an immigration deal between Mexico and the United States, Mnuchin said he believed that Mexico would meet its commitments, but added that Trump "reserves the right" to impose tariffs if the commitments were not met.

Trump himself tweeted on Saturday that "Mexico will try very hard, and if they do that, this will be a very successful agreement between the United States and Mexico".

US Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease US restrictions on Huawei if there was progress in the trade row with China - but absent a deal, Washington would maintain tariffs to cut its deficit.

US Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump might ease US restrictions on Huawei if there was progress in the trade row with China - but absent a deal, Washington would maintain tariffs to cut its deficit. "I think what the president is saying is, if we move forward on trade, that perhaps he'll be willing to do certain things on Huawei if he gets comfort from China on that and certain guarantees," Mnuchin said. "But these are national security issues." Washington has imposed and then toughened import tariffs on Chinese goods in a bid to reduce the United States' trade deficit and combat what it calls unfair trade practices. It has also accused the Chinese telecommunications giant of espionage and stealing intellectual property, allegations that Huawei Technologies Co Ltd, a leading provider of next-generation 5G technology, denies. Washington has put Huawei on a blacklist that effectively bans US firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing. Mnuchin said the United States was prepared to come to a deal with China, but also to maintain tariffs if necessary. "If China wants to move forward with the deal, we're prepared to move forward on the terms we've done. If China doesn't want to move forward, then President Trump is perfectly happy to move forward with tariffs to rebalance the relationship," Mnuchin said. Commenting on an immigration deal between Mexico and the United States, Mnuchin said he believed that Mexico would meet its commitments, but added that Trump "reserves the right" to impose tariffs if the commitments were not met. Trump himself tweeted on Saturday that "Mexico will try very hard, and if they do that, this will be a very successful agreement between the United States and Mexico".

US Treasury Secretary Mnuchin says Trump could ease up on Huawei if trade talks advance

US President Donald Trump threatened to hit China with tariffs on "at least" another $300 billion worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their<a href="https://www.wionews.com/world/explainer-us-china-trade-war-the-levers-they-can-pull-224809"> trade disputes with the United States</a>.

Tensions between the world's two largest economies have risen sharply since talks aimed at ending a<a href="https://www.wionews.com/world/amid-us-china-row-huawei-signs-deal-with-russian-telecom-company-mts-to-develop-5g-network-224867"> festering trade war broke down</a> in early May.

While Trump said on Thursday that talks with China are ongoing, no face-to-face meetings have been held since May 10, the day he sharply increased tariffs on a $200 billion list of Chinese goods to 25%, prompting Beijing to retaliate.

"Our talks with China, a lot of interesting things are happening. We'll see what happens... I could go up another at least $300 billion and I'll do that at the right time," Trump told reporters on Thursday, without specifying which goods could be impacted.

"But I think China wants to make a deal and I think Mexico wants to make a deal badly," said Trump before boarding Air Force One at the Irish airport of Shannon on his way to France for a D-Day commemoration.

China's Commerce Ministry also said on Thursday that Beijing would have to adopt necessary countermeasures if Washington unilaterally escalates trade tensions, and that US pressure have caused serious setbacks to the trade talks.

The International Monetary Fund warned on Wednesday that escalating tariff threats were sapping business and market confidence, and could slow global growth that is currently expected to improve next year.

US Treasury Secretary Steven Mnuchin is scheduled to meet with People's Bank of China Governor Yi Gang this weekend at a gathering of G20 finance leaders in Japan, the first face-to-face discussion between key negotiators in nearly a month.

Mexican and US officials are also set to resume their talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods.

After saying that "not enough" progress on ways to curb migration was made when the two sides met on Wednesday, Trump told reporters on Thursday that Mexico had made progress in the talks but needed to do more.

He reiterated that 5 per cent tariffs on all Mexico's exports to the United States due to start on Monday will go ahead if progress is not made. The tariffs can rise to as much as 25 per cent later in the year.

US President Donald Trump threatened to hit China with tariffs on "at least" another $300 billion worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their trade disputes with the United States.

US President Donald Trump threatened to hit China with tariffs on "at least" another $300 billion worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their trade disputes with the United States. Tensions between the world's two largest economies have risen sharply since talks aimed at ending a festering trade war broke down in early May. While Trump said on Thursday that talks with China are ongoing, no face-to-face meetings have been held since May 10, the day he sharply increased tariffs on a $200 billion list of Chinese goods to 25%, prompting Beijing to retaliate. "Our talks with China, a lot of interesting things are happening. We'll see what happens... I could go up another at least $300 billion and I'll do that at the right time," Trump told reporters on Thursday, without specifying which goods could be impacted. "But I think China wants to make a deal and I think Mexico wants to make a deal badly," said Trump before boarding Air Force One at the Irish airport of Shannon on his way to France for a D-Day commemoration. China's Commerce Ministry also said on Thursday that Beijing would have to adopt necessary countermeasures if Washington unilaterally escalates trade tensions, and that US pressure have caused serious setbacks to the trade talks. The International Monetary Fund warned on Wednesday that escalating tariff threats were sapping business and market confidence, and could slow global growth that is currently expected to improve next year. US Treasury Secretary Steven Mnuchin is scheduled to meet with People's Bank of China Governor Yi Gang this weekend at a gathering of G20 finance leaders in Japan, the first face-to-face discussion between key negotiators in nearly a month. Mexican and US officials are also set to resume their talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods. After saying that "not enough" progress on ways to curb migration was made when the two sides met on Wednesday, Trump told reporters on Thursday that Mexico had made progress in the talks but needed to do more. He reiterated that 5 per cent tariffs on all Mexico's exports to the United States due to start on Monday will go ahead if progress is not made. The tariffs can rise to as much as 25 per cent later in the year.

Tariffs on Chinese goods could go up at least another $300 billion: Trump

China has demonstrated more than enough sincerity to reach a mutually beneficial deal and end trade tensions with the United States. However, trapped in hegemonic ideology, the U.S. has responded by unilateral and protectionist tariff hikes that put world economy in danger, according to a commentary published by China's Xinhua News Agency on Sunday.

China's utmost sincerity in trade talks a sign of strength

By raising tariffs on Chinese products, the United States will harm the interests of its businesses and consumers in the long term, according to Chinese economic experts at a seminar on China-US trade in Beijing on Sunday.

US raising tariffs will harm American businesses, consumers: Chinese experts

China's top trade negotiator said more talks will be held with the<a href="https://www.wionews.com/world/venezuela-ready-for-any-us-attack-foreign-minister-216419"> United States</a> as he revealed what Beijing considers the three main differences keeping the two sides from reaching a deal.

Speaking to reporters in Washington on Friday, <a href="https://www.wionews.com/world/us-officials-says-china-trade-talks-constructive-217600">Vice Premier Liu He</a> for the first time gave details on where the negotiations stood following two days of talks with US counterparts, with tariffs and how much China should import from America among the disagreements.

"Negotiations have not broken down, but rather, on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable," Liu said.

"Both sides agree they will meet again in Beijing in the future and keep pushing forward the negotiations," he said without giving a date.

Since last year the United States and China have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors.

Liu said the two days of talks in the US were "productive".

"We have a consensus in lots of areas but to speak frankly there are areas we have differences on, and we believe these concern big principles," he said.

First, the Chinese side believes all punitive tariffs must be cancelled if an agreement is reached, he said, indicating that it remained under discussion.

Second, Chinese President Xi Jinping and US President Donald Trump agreed to a preliminary figure for purchases of US goods when they declared a trade truce in Argentina last year, he said.

"In the end, what is the figure? Now both sides have different views, we think this is a very serious thing that cannot be changed easily," he said.

Third, the text of the agreement must be "balanced" between the two sides, he said, because "any country needs its own dignity."

"We believe these are all big matters of principle, every country has important principles, and we will not make concessions on matters of principle."

President Donald Trump, meanwhile, raised tariffs on $200 billion in Chinese goods and ordered officials to launch the process to impose customs duties on another $300 billion worth of imports -- almost everything China ships to the US.

'Backtracking'

The negotiations took a downward turn after Trump accused China of reneging on its commitments.&nbsp;

"We believe before we reach a deal, any changes are natural, and inevitable in the whole process," Liu said.

"We don't believe China has backtracked", he said, adding there were just differences on how to phrase the text of the agreement.

Asked about the tariffs that hit $200 billion worth of Chinese goods on Friday, Liu said: "if the US slaps on tariffs, we must respond."

Noting China would exercise restraint, he added, "(we) don't want an unlimited escalation".

Liu compared the negotiations to a marathon: "When you get to the last stage it is comparatively the hardest stage, now we need to hold on, it is the darkness before dawn."

&nbsp;China's economy&nbsp;

Last year the escalating trade tensions with the US pummelled confidence and sent Chinese stock markets sliding about 30 per cent.

Liu, China's top economic official, said the country's economy was improving after bottoming out at the end of last year.

"The most crucial issues are confidence and expectations," he said, "as long as we in our hearts have confidence, we will not be afraid of any difficulties."

"Although there will be some pressure, I believe China's economy will continue to develop smoothly, healthily, in a good state," he said.

China's monetary and fiscal policy has "ample room" to manoeuvre, Liu said.

"We need to rationally approach this, China is not afraid, and the Chinese nation is not afraid," he said

China's top trade negotiator said more talks will be held with the United States as he revealed what Beijing considers the three main differences keeping the two sides from reaching a deal.

China's top trade negotiator said more talks will be held with the United States as he revealed what Beijing considers the three main differences keeping the two sides from reaching a deal. Speaking to reporters in Washington on Friday, Vice Premier Liu He for the first time gave details on where the negotiations stood following two days of talks with US counterparts, with tariffs and how much China should import from America among the disagreements. "Negotiations have not broken down, but rather, on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable," Liu said. "Both sides agree they will meet again in Beijing in the future and keep pushing forward the negotiations," he said without giving a date. Since last year the United States and China have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors. Liu said the two days of talks in the US were "productive". "We have a consensus in lots of areas but to speak frankly there are areas we have differences on, and we believe these concern big principles," he said. First, the Chinese side believes all punitive tariffs must be cancelled if an agreement is reached, he said, indicating that it remained under discussion. Second, Chinese President Xi Jinping and US President Donald Trump agreed to a preliminary figure for purchases of US goods when they declared a trade truce in Argentina last year, he said. "In the end, what is the figure? Now both sides have different views, we think this is a very serious thing that cannot be changed easily," he said. Third, the text of the agreement must be "balanced" between the two sides, he said, because "any country needs its own dignity." "We believe these are all big matters of principle, every country has important principles, and we will not make concessions on matters of principle." President Donald Trump, meanwhile, raised tariffs on $200 billion in Chinese goods and ordered officials to launch the process to impose customs duties on another $300 billion worth of imports -- almost everything China ships to the US. 'Backtracking' The negotiations took a downward turn after Trump accused China of reneging on its commitments. "We believe before we reach a deal, any changes are natural, and inevitable in the whole process," Liu said. "We don't believe China has backtracked", he said, adding there were just differences on how to phrase the text of the agreement. Asked about the tariffs that hit $200 billion worth of Chinese goods on Friday, Liu said: "if the US slaps on tariffs, we must respond." Noting China would exercise restraint, he added, "(we) don't want an unlimited escalation". Liu compared the negotiations to a marathon: "When you get to the last stage it is comparatively the hardest stage, now we need to hold on, it is the darkness before dawn." China's economy Last year the escalating trade tensions with the US pummelled confidence and sent Chinese stock markets sliding about 30 per cent. Liu, China's top economic official, said the country's economy was improving after bottoming out at the end of last year. "The most crucial issues are confidence and expectations," he said, "as long as we in our hearts have confidence, we will not be afraid of any difficulties." "Although there will be some pressure, I believe China's economy will continue to develop smoothly, healthily, in a good state," he said. China's monetary and fiscal policy has "ample room" to manoeuvre, Liu said. "We need to rationally approach this, China is not afraid, and the Chinese nation is not afraid," he said

China outlines three disagreements in US trade talks

As new US tariffs on $200 billion worth of Chinese goods kicked in on Friday, <a href="https://www.wionews.com/business-economy/oil-rallies-on-hopes-for-us-china-trade-deal-217381">China's commerce ministry</a> said it "deeply regrets" the move by the Trump administration even as it vowed to take "necessary countermeasures".

"The eleventh round of China-US high-level economic and trade consultations is underway and we hope the US and the Chinese side can meet each other halfway," the statement said.

The commerce ministry, however, did not elaborate on the "countermeasures". US and Chinese officials completed their talks on the first day when the two sides met in Washington on Thursday.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/no-end-to-us-china-trade-war-217290/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The US and &nbsp;Chinese officials are due to meet again on Friday for the second day of talks to resolve the trade dispute.

China's top trade negotiator Liu He said that an increase in US tariffs on Chinese goods "won't solve anything".

"Both the Chinese and US economies, in some ways, are part of a complete industrial chain. Everyone will get hurt. As both sides have now run into issues during the negotiations, we shouldn't harm the innocent," Liu said.

"The interests of the broader masses have been damaged, and we feel regretful. So we hope we can find the best way to a solution," he added.

However, as the talks got underway, President Trump said China had sought to "renegotiate the deal", adding, "we can't have that."

Trump warned that if the two sides fail to make a deal, the US would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product."

Trump did add that&nbsp;he had received a "beautiful" letter from Chinese President Xi Jinping to keep hopes alive in the contentious talks.

Markets around the world were hit even as several market experts still hope a last minute deal would&nbsp;be reached by the warring sides. US stock indexes closed lower on Thursday ahead of the trade talks.

As new US tariffs on $200 billion worth of Chinese goods kicked in on Friday, China's commerce ministry said it "deeply regrets" the move by the Trump administration even as it vowed to take "necessary countermeasures".

As new US tariffs on $200 billion worth of Chinese goods kicked in on Friday, China's commerce ministry said it "deeply regrets" the move by the Trump administration even as it vowed to take "necessary countermeasures". "The eleventh round of China-US high-level economic and trade consultations is underway and we hope the US and the Chinese side can meet each other halfway," the statement said. The commerce ministry, however, did not elaborate on the "countermeasures". US and Chinese officials completed their talks on the first day when the two sides met in Washington on Thursday. The US and Chinese officials are due to meet again on Friday for the second day of talks to resolve the trade dispute. China's top trade negotiator Liu He said that an increase in US tariffs on Chinese goods "won't solve anything". "Both the Chinese and US economies, in some ways, are part of a complete industrial chain. Everyone will get hurt. As both sides have now run into issues during the negotiations, we shouldn't harm the innocent," Liu said. "The interests of the broader masses have been damaged, and we feel regretful. So we hope we can find the best way to a solution," he added. However, as the talks got underway, President Trump said China had sought to "renegotiate the deal", adding, "we can't have that." Trump warned that if the two sides fail to make a deal, the US would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product." Trump did add that he had received a "beautiful" letter from Chinese President Xi Jinping to keep hopes alive in the contentious talks. Markets around the world were hit even as several market experts still hope a last minute deal would be reached by the warring sides. US stock indexes closed lower on Thursday ahead of the trade talks.

Deeply regret US tariffs, will take 'necessary countermeasures': China

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

US stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Negotiators will meet at 5 pm&nbsp;EDT (2100 GMT) on Thursday, Trump said. They are set to continue talks through Friday.

Still, the United States has not backed down from hiking tariffs on $200 billion worth of Chinese goods to 25% on Friday. Trump also said that paperwork had been initiated to levy 25% tariffs on a further $325 billion worth of Chinese goods.

Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach. That likely kept Thursday's declines in check, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.

"We may very well see tariffs put in place tomorrow, but it's going to get resolved," Stoltzfus said. "It's too impractical for either side to extend this into a protracted trade war."

The Dow Jones Industrial Average fell 138.97 points, or 0.54%, to 25,828.36, the S&amp;P 500 lost 8.7 points, or 0.30%, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41%, to 7,910.59.

The S&amp;P 500 index briefly slipped below its 50-day moving average, a closely watched indicator of momentum, during the session but ended above that level.

Materials and technology stocks posted the steepest declines among the S&amp;P 500's sectors, dropping 0.8% and 0.7%, respectively.

Shares of chipmakers, which get a large portion of the revenue from China, continued to slide, with the Philadelphia semiconductor index ending 1.2% lower. The index has fallen 6% so far this week and is on pace to post its biggest percentage weekly loss since December.

Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest drag on the S&amp;P 500.

Trade-sensitive industrial bellwethers were also hit, with Boeing Co shares falling 1% and 3M Co shares dropping 1.9%.

The CBOE Volatility Index, a gauge of investor anxiety, rose for the fourth consecutive session and is at its highest level in more than three months.

In a bright spot, Tapestry Inc shares jumped 8.5%, the most among S&amp;P companies, after the Coach handbag maker beat quarterly profit estimates and announced a $1 billion share buyback plan.

Chevron Corp shares gained 3.1%, providing the biggest boost to the Dow and the S&amp;P 500, after the oil company said it would not raise its $33 billion offer to buy Anadarko Petroleum Corp.

Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured decliners.

The S&amp;P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 98 new lows.

Volume on US exchanges was 7.75 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible. US stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Negotiators will meet at 5 pm EDT (2100 GMT) on Thursday, Trump said. They are set to continue talks through Friday. Still, the United States has not backed down from hiking tariffs on $200 billion worth of Chinese goods to 25% on Friday. Trump also said that paperwork had been initiated to levy 25% tariffs on a further $325 billion worth of Chinese goods. Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach. That likely kept Thursday's declines in check, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management. "We may very well see tariffs put in place tomorrow, but it's going to get resolved," Stoltzfus said. "It's too impractical for either side to extend this into a protracted trade war." The Dow Jones Industrial Average fell 138.97 points, or 0.54%, to 25,828.36, the S&P 500 lost 8.7 points, or 0.30%, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41%, to 7,910.59. The S&P 500 index briefly slipped below its 50-day moving average, a closely watched indicator of momentum, during the session but ended above that level. Materials and technology stocks posted the steepest declines among the S&P 500's sectors, dropping 0.8% and 0.7%, respectively. Shares of chipmakers, which get a large portion of the revenue from China, continued to slide, with the Philadelphia semiconductor index ending 1.2% lower. The index has fallen 6% so far this week and is on pace to post its biggest percentage weekly loss since December. Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest drag on the S&P 500. Trade-sensitive industrial bellwethers were also hit, with Boeing Co shares falling 1% and 3M Co shares dropping 1.9%. The CBOE Volatility Index, a gauge of investor anxiety, rose for the fourth consecutive session and is at its highest level in more than three months. In a bright spot, Tapestry Inc shares jumped 8.5%, the most among S&P companies, after the Coach handbag maker beat quarterly profit estimates and announced a $1 billion share buyback plan. Chevron Corp shares gained 3.1%, providing the biggest boost to the Dow and the S&P 500, after the oil company said it would not raise its $33 billion offer to buy Anadarko Petroleum Corp. Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured decliners. The S&P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 98 new lows. Volume on US exchanges was 7.75 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Wall Street dips as investors await outcome of US-China trade talks

The United States is "comfortable" with higher tariffs on China if a mutual trade agreement cannot be reached, the U.S. Commerce Secretary Wilbur Ross said on Friday (May 10), as trade tensions between the two countries escalate.

U.S 'comfortable' with higher tariffs on China if trade negotiations fail

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to <a href="https://www.wionews.com/americas/donald-trump-xi-jinping-and-trade-a-high-stakes-game-of-chicken-216697">hike tariffs on hundreds of billions</a> of dollars of goods imported from China.

Tension between <a href="https://www.wionews.com/world/adding-tariffs-cant-resolve-any-problem-says-china-on-trade-conflict-with-us-216682">Washington and Beijing has risen</a> after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet US demands for trade reform.

President Donald Trump responded by ordering a tariff hike, and China has said it would retaliate. The 10-month-old trade war has already cost companies in both countries billions of dollars.

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Chinese Vice Premier Liu He, US&nbsp;Trade Representative Robert Lighthizer and US&nbsp;Treasury Secretary Steven Mnuchin talked for 90 minutes on Thursday and were expected to resume talks on Friday. Officials did not speak to reporters as they left the talks.

Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 per cent from 10 per cent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday.

Consumer products, including cell phones, computers, clothing and toys, are to be especially hard hit.

Trump on Thursday took aim at the $325 billion in Chinese goods that are so far untouched by the trade war, saying he was "starting ... paperwork today" to tax those with a punitive tariff of 25 per cent.

Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting US manufacturing, accused Beijing of reneging on commitments made during months of negotiations.

"We were getting very close to a deal, then they started to renegotiate the deal. We can't have that. We can't have that," Trump said at an event at the White House.

Trump said if the two sides cannot make a deal, the United States would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product."

US&nbsp;stock indexes closed lower on Thursday ahead of the trade talks, though they pared losses after Trump said he had received a "beautiful" letter from Chinese President Xi Jinping. US oil prices slid and US Treasury yields fell as investors sought safe-haven assets.

Data released Thursday showed the US goods trade deficit with China shrank to its smallest level in five years in March, which could further embolden Trump as he escalates the trade war with Beijing.

China appealed to the United States to help salvage the deal earlier on Thursday. Commerce Ministry spokesman Gao Feng said the decision to send Liu to Washington despite the tariff hike threat demonstrated China's "utmost sincerity."

"The US side has given many labels recently, 'backtracking,' 'betraying,' etc. ... China sets great store on trustworthiness and keeps its promises, and this has never changed," he told a news briefing in Beijing.

A source familiar with the talks said China's changes to the language of the draft trade deal were so extensive it could take a month to fix them, assuming the United States rejects them.

The talks could still go several ways, a person close to the discussions said.

China could make some concessions to prolong talks even after tariffs and retaliation. The two sides could end negotiations, given they are so far apart. Or China could reverse the changes to the text and return the negotiations to where they were a week ago and work toward a deal to be signed at the G20 summit in Japan in June, the source said.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China. Tension between Washington and Beijing has risen after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet US demands for trade reform. President Donald Trump responded by ordering a tariff hike, and China has said it would retaliate. The 10-month-old trade war has already cost companies in both countries billions of dollars. Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin talked for 90 minutes on Thursday and were expected to resume talks on Friday. Officials did not speak to reporters as they left the talks. Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 per cent from 10 per cent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday. Consumer products, including cell phones, computers, clothing and toys, are to be especially hard hit. Trump on Thursday took aim at the $325 billion in Chinese goods that are so far untouched by the trade war, saying he was "starting ... paperwork today" to tax those with a punitive tariff of 25 per cent. Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting US manufacturing, accused Beijing of reneging on commitments made during months of negotiations. "We were getting very close to a deal, then they started to renegotiate the deal. We can't have that. We can't have that," Trump said at an event at the White House. Trump said if the two sides cannot make a deal, the United States would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product." US stock indexes closed lower on Thursday ahead of the trade talks, though they pared losses after Trump said he had received a "beautiful" letter from Chinese President Xi Jinping. US oil prices slid and US Treasury yields fell as investors sought safe-haven assets. Data released Thursday showed the US goods trade deficit with China shrank to its smallest level in five years in March, which could further embolden Trump as he escalates the trade war with Beijing. China appealed to the United States to help salvage the deal earlier on Thursday. Commerce Ministry spokesman Gao Feng said the decision to send Liu to Washington despite the tariff hike threat demonstrated China's "utmost sincerity." "The US side has given many labels recently, 'backtracking,' 'betraying,' etc. ... China sets great store on trustworthiness and keeps its promises, and this has never changed," he told a news briefing in Beijing. A source familiar with the talks said China's changes to the language of the draft trade deal were so extensive it could take a month to fix them, assuming the United States rejects them. The talks could still go several ways, a person close to the discussions said. China could make some concessions to prolong talks even after tariffs and retaliation. The two sides could end negotiations, given they are so far apart. Or China could reverse the changes to the text and return the negotiations to where they were a week ago and work toward a deal to be signed at the G20 summit in Japan in June, the source said.

As US, Chinese officials meet for trade talks, Trump's tariffs on China set to take effect

<a href="https://www.wionews.com/world/china-considers-cancelling-trade-talks-with-us-after-trump-vows-new-tariff-hike-report-216292">China</a> backtracked on substantial commitments it made during <a href="https://www.wionews.com/world/us-china-trade-dilemma-how-to-hold-beijings-feet-to-the-fire-216010">trade talks with the United States</a>, prompting President Donald Trump to impose additional tariffs on Chinese goods slated to go into effect on Friday, top US&nbsp;trade officials said on Monday.

Also read:&nbsp;<a href="https://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">Explaining the US-China trade war which grabbed spotlight in 2018</a>

The swift deterioration in negotiations between the world`s two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war.

Trump tweeted on Sunday that he would <a href="https://www.wionews.com/world/trump-announces-higher-us-tariffs-on-china-goods-216186">raise tariffs on $200 billion worth of Chinese goods </a>to 25 per cent from 10 per cent by the end of the week, and would "soon" target the remaining Chinese imports with tariffs, sending stocks and oil prices lower on Monday.

US Trade Representative Robert Lighthizer, who has been an advocate for tough structural changes in China, said Beijing had reneged on commitments it had made previously that would have changed the agreement substantially.

"Over the course of the last week or so we have seen ... an erosion in commitments by China," Lighthizer told reporters. "That in our view is unacceptable."

Chinese Vice Premier Liu He is expected to be in Washington on Thursday and Friday of this week for further talks.

"We`re not breaking off talks at this point. But for now ... come Friday there will be tariffs in place," Lighthizer said.

Treasury Secretary Steven Mnuchin, considered to be less hawkish toward China, said China`s backtracking became clear with "new information" over the weekend. He declined to give specifics and said the US&nbsp;side had originally hoped to conclude a deal one way or the other this week.

"They were trying to go back on language that had been previously negotiated, very clear language, that had the potential of changing the deal dramatically," Mnuchin said. "The entire economic team ... are completely unified and recommended to the president to move forward with tariffs if we are not able to conclude a deal by the end of the week."

A spokesman at the Chinese Embassy in Washington did not immediately respond to queries about the US assertions.

"We are also in the process of understanding the relevant situation. What I can tell you is that China`s team is preparing to go to the United States for the discussions," Chinese Foreign Ministry spokesman Gene Shuang said earlier in Beijing. "We still hope the United States can work hard with China to meet each other halfway, and strive to reach a mutually beneficial, win-win agreement on the basis of mutual respect."

TRUCE ENDS

Trump`s Sunday announcement abruptly ended a five-month truce in a trade war that has cost the two countries billions of dollars, slowed global growth and disrupted manufacturing supply chains and US farm exports.

Businesses, while largely supportive of Trump`s tough stance on China, want the tariffs to be lifted. Mnuchin said on Monday that the stock market reaction was not affecting US decisions on the trade talks.&nbsp;

A person familiar with the negotiations said the latest dispute came after the Chinese side sought to deal with policy changes through administrative and regulatory actions, not through changes to Chinese law as previously agreed.

"It undermines the core architecture of the deal," the person said, adding that not codifying the concessions would make it difficult to verify and enforce China`s compliance.

Speaking on condition of anonymity due to the sensitive nature of the talks, the person said that under China's system in which the Communist Party has ultimate control, changes in law are the only way to get even a small measure of certainty.

The United States is demanding sweeping changes to China`s economic policies, including better protection of US intellectual property, and ending forced technology transfers from US companies and cyber theft of American trade secrets.

Washington also wants more access to China`s vast markets for US businesses, curbs on industrial subsidies and increased purchases of American products.

Another source familiar with the situation said Trump had reiterated to advisers in recent days that he would walk away from a trade deal with China if it was not strong enough.

The United States imported about $539.5 billion in goods from China in 2018 and exported $120.3 billion, for a record trade deficit of $419.2 billion, according to US Census Bureau data.

Trump lashed out over the US trade deficit with China on Monday. "With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!" he tweeted. Trump has said that China was paying existing US tariffs on Chinese imports into the United States, but in reality, mostly US companies importing the goods pay the tariffs.

The United States currently has 25 per cent tariffs on $50 billion worth of Chinese machinery and technology goods, and 10 per cent tariffs on $200 billion worth of products ranging from computer modems and routers to furniture, lighting and building materials.

Negotiations on removing punitive US tariffs has been one of the remaining sticking points. China wants the tariffs to be removed, while US&nbsp;officials want to keep some, if not all, as part of any final deal to ensure China lives up to its commitments.

Mnuchin, who originally had called the talks in Beijing "productive," said Washington had been in the process of planning a summit between Trump and Chinese President Xi Jinping for a successful deal.

China backtracked on substantial commitments it made during trade talks with the United States, prompting President Donald Trump to impose additional tariffs on Chinese goods slated to go into effect on Friday, top US trade officials said on Monday.

China backtracked on substantial commitments it made during trade talks with the United States, prompting President Donald Trump to impose additional tariffs on Chinese goods slated to go into effect on Friday, top US trade officials said on Monday. Also read: Explaining the US-China trade war which grabbed spotlight in 2018 The swift deterioration in negotiations between the world`s two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war. Trump tweeted on Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent by the end of the week, and would "soon" target the remaining Chinese imports with tariffs, sending stocks and oil prices lower on Monday. US Trade Representative Robert Lighthizer, who has been an advocate for tough structural changes in China, said Beijing had reneged on commitments it had made previously that would have changed the agreement substantially. "Over the course of the last week or so we have seen ... an erosion in commitments by China," Lighthizer told reporters. "That in our view is unacceptable." Chinese Vice Premier Liu He is expected to be in Washington on Thursday and Friday of this week for further talks. "We`re not breaking off talks at this point. But for now ... come Friday there will be tariffs in place," Lighthizer said. Treasury Secretary Steven Mnuchin, considered to be less hawkish toward China, said China`s backtracking became clear with "new information" over the weekend. He declined to give specifics and said the US side had originally hoped to conclude a deal one way or the other this week. "They were trying to go back on language that had been previously negotiated, very clear language, that had the potential of changing the deal dramatically," Mnuchin said. "The entire economic team ... are completely unified and recommended to the president to move forward with tariffs if we are not able to conclude a deal by the end of the week." A spokesman at the Chinese Embassy in Washington did not immediately respond to queries about the US assertions. "We are also in the process of understanding the relevant situation. What I can tell you is that China`s team is preparing to go to the United States for the discussions," Chinese Foreign Ministry spokesman Gene Shuang said earlier in Beijing. "We still hope the United States can work hard with China to meet each other halfway, and strive to reach a mutually beneficial, win-win agreement on the basis of mutual respect." TRUCE ENDS Trump`s Sunday announcement abruptly ended a five-month truce in a trade war that has cost the two countries billions of dollars, slowed global growth and disrupted manufacturing supply chains and US farm exports. Businesses, while largely supportive of Trump`s tough stance on China, want the tariffs to be lifted. Mnuchin said on Monday that the stock market reaction was not affecting US decisions on the trade talks. A person familiar with the negotiations said the latest dispute came after the Chinese side sought to deal with policy changes through administrative and regulatory actions, not through changes to Chinese law as previously agreed. "It undermines the core architecture of the deal," the person said, adding that not codifying the concessions would make it difficult to verify and enforce China`s compliance. Speaking on condition of anonymity due to the sensitive nature of the talks, the person said that under China's system in which the Communist Party has ultimate control, changes in law are the only way to get even a small measure of certainty. The United States is demanding sweeping changes to China`s economic policies, including better protection of US intellectual property, and ending forced technology transfers from US companies and cyber theft of American trade secrets. Washington also wants more access to China`s vast markets for US businesses, curbs on industrial subsidies and increased purchases of American products. Another source familiar with the situation said Trump had reiterated to advisers in recent days that he would walk away from a trade deal with China if it was not strong enough. The United States imported about $539.5 billion in goods from China in 2018 and exported $120.3 billion, for a record trade deficit of $419.2 billion, according to US Census Bureau data. Trump lashed out over the US trade deficit with China on Monday. "With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!" he tweeted. Trump has said that China was paying existing US tariffs on Chinese imports into the United States, but in reality, mostly US companies importing the goods pay the tariffs. The United States currently has 25 per cent tariffs on $50 billion worth of Chinese machinery and technology goods, and 10 per cent tariffs on $200 billion worth of products ranging from computer modems and routers to furniture, lighting and building materials. Negotiations on removing punitive US tariffs has been one of the remaining sticking points. China wants the tariffs to be removed, while US officials want to keep some, if not all, as part of any final deal to ensure China lives up to its commitments. Mnuchin, who originally had called the talks in Beijing "productive," said Washington had been in the process of planning a summit between Trump and Chinese President Xi Jinping for a successful deal.

China reneged on trade commitments, sparking Trump tariff hike: US officials

After US media reports said China may<a href="https://www.wionews.com/world/china-considers-cancelling-trade-talks-with-us-after-trump-vows-new-tariff-hike-report-216292"> cancel trade talks</a> with the US, China's foreign ministry said its trade team was still preparing to leave for Washington for the next round of talks.

"We are currently working on understanding the situation," foreign ministry spokesman Geng Shuang said, adding,"the Chinese team is currently preparing to go to the US for negotiations."

On Sunday, <a href="https://www.wionews.com/world/trump-announces-higher-us-tariffs-on-china-goods-216186">President Trump had tweeted</a> asserting that he would impose renewed tariffs against China on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.

"For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Trump tweeted adding, "the 10% will go up to 25% on Friday."

"The trade deal with China continues, but too slowly, as they attempt to renegotiate. No!" he added.

The latest round of talks follows US Treasury Secretary Steven Mnuchin's talks with Chinese officials in Beijing last month.

As a result of President Trump's Sunday tweet on imposition of new tariffs against China, Shanghai stocks suffered their worst day in more than three years on Monday. The benchmark Shanghai Composite Index sank 5.58 per cent, or 171.88 points, to 2,906.46.

Shanghai's decline was the worst in a single day since late February 2016.&nbsp;

In Hong Kong, the Hang Seng Index plunged 3.03 per cent, or 912.43 points, to 29,169.12 in the afternoon. Hong Kong stocks finally ended 2.90 per cent down after President Trump's tariffs threat.

China's yuan currency also suffered, losing 1.3 per cent at one point -- its heaviest drop for three years -- before recovering somewhat in the afternoon to 6.7976 to the dollar, down 0.92 per cent.

In India, the BSE Sensex opened over 400 points before recovering slightly as the blood bath in the markets continued worldwide. 
&nbsp;

After US media reports said China may cancel trade talks with the US, China's foreign ministry said its trade team was still preparing to leave for Washington for the next round of talks.

After US media reports said China may cancel trade talks with the US, China's foreign ministry said its trade team was still preparing to leave for Washington for the next round of talks. "We are currently working on understanding the situation," foreign ministry spokesman Geng Shuang said, adding,"the Chinese team is currently preparing to go to the US for negotiations." On Sunday, President Trump had tweeted asserting that he would impose renewed tariffs against China on $200 billion worth of Chinese goods this week and target hundreds of billions more soon. "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," Trump tweeted adding, "the 10% will go up to 25% on Friday." "The trade deal with China continues, but too slowly, as they attempt to renegotiate. No!" he added. The latest round of talks follows US Treasury Secretary Steven Mnuchin's talks with Chinese officials in Beijing last month. As a result of President Trump's Sunday tweet on imposition of new tariffs against China, Shanghai stocks suffered their worst day in more than three years on Monday. The benchmark Shanghai Composite Index sank 5.58 per cent, or 171.88 points, to 2,906.46. Shanghai's decline was the worst in a single day since late February 2016. In Hong Kong, the Hang Seng Index plunged 3.03 per cent, or 912.43 points, to 29,169.12 in the afternoon. Hong Kong stocks finally ended 2.90 per cent down after President Trump's tariffs threat. China's yuan currency also suffered, losing 1.3 per cent at one point -- its heaviest drop for three years -- before recovering somewhat in the afternoon to 6.7976 to the dollar, down 0.92 per cent. In India, the BSE Sensex opened over 400 points before recovering slightly as the blood bath in the markets continued worldwide.

After Trump's tariff threat, China says trade team still preparing for US talks

The United States and Japanese negotiators are set to open the first round of trade talks on Monday, in the latest front in President Donald Trump's aggressive, multi-pronged strategy to address "chronic US trade imbalances."

After launching blistering tariffs on allies and rivals alike, Trump's trade team has completed a new North American trade pact with Canada and Mexico &nbsp;-- the USMCA -- and one with South Korea and appears to be approaching the final stages of a deal with China, while preparing for the start of negotiations with Europe.

Trump has focused attention on the countries which have the biggest trade surpluses with the United States and pushed his preference for country-specific rather than multilateral deals.

US Trade Representative Robert Lighthizer and Japan's Economy Minister Toshimitsu Motegi will lead the two days of talks starting Monday afternoon.

Golf buddies Trump and Japanese Prime Minister Shinzo Abe agreed in September to launch the talks between the world's first and third-largest economies, which represent about 30 per cent of global output.

In Tokyo last week, Motegi predicted the crunch talks would be "candid," with the first round focused on "making a decision on which areas we will discuss, chiefly in the field of goods."

"I will do my best to have thorough discussions so as to produce a good result in line with our national interest," he said.

The agreement between Trump and Abe said the negotiations initially would address "goods, as well as other key areas including services, that can produce early achievements," while leaving access for US agriculture to Japan's market for a later day.

In May, Trump ordered his administration to investigate the possibility of imposing tariffs of up to 25 per cent on foreign autos and auto parts, a prospect that alarmed the industry and could have serious repercussions for Japan and Europe.

'Very quick agreement'&nbsp;

US Agriculture Secretary Sonny Perdue said last week he was seeking a "very quick agreement" with Japan on tariff cuts for agricultural goods.

"I hope we can come to a very quick agreement with Japan over maybe some temporary ... provisions and hash out the many other issues that take longer in this area," Perdue told reporters in Washington, Kyodo News and the business daily Nikkei reported.

However, the US side is likely to run into opposition from Japan on this issue, Jiji Press reported, citing unnamed government sources.

"There's no way for us to conclude an agricultural deal first," a senior Japanese official told Jiji.

If Japan does so, it may violate World Trade Organization rules related to free-trade agreements, the officials noted, according to the report.

Tokyo is expected to counter with demands that the United States scrap tariffs on Japanese industrial goods if Washington urges an early opening of Japanese agricultural markets.

Tokyo aims to focus only on tariff matters, describing the talks as "TAG," or trade agreement on goods.&nbsp;

However, Washington trade officials have spelt out 22 specific negotiation areas also including non-tariff barriers in Japan's auto market and currency.

US Treasury Secretary Steven Mnuchin said Saturday any agreement will include a requirement to refrain from manipulating currencies to gain an advantage in international trade.

Trump and Abe will have plenty of opportunities to talk trade in the coming months. Abe is visiting the United States later this month and Trump is expected in Japan in May to pay his respects to the country's new emperor who will take the throne on May 1.

Trump is then expected back in Japan the following month as the western city of Osaka hosts the Group of 20 summits of world leaders on June 28-29.

The United States and Japanese negotiators are set to open the first round of trade talks on Monday, in the latest front in President Donald Trump's aggressive, multi-pronged strategy to address "chronic US trade imbalances.

The United States and Japanese negotiators are set to open the first round of trade talks on Monday, in the latest front in President Donald Trump's aggressive, multi-pronged strategy to address "chronic US trade imbalances." After launching blistering tariffs on allies and rivals alike, Trump's trade team has completed a new North American trade pact with Canada and Mexico -- the USMCA -- and one with South Korea and appears to be approaching the final stages of a deal with China, while preparing for the start of negotiations with Europe. Trump has focused attention on the countries which have the biggest trade surpluses with the United States and pushed his preference for country-specific rather than multilateral deals. US Trade Representative Robert Lighthizer and Japan's Economy Minister Toshimitsu Motegi will lead the two days of talks starting Monday afternoon. Golf buddies Trump and Japanese Prime Minister Shinzo Abe agreed in September to launch the talks between the world's first and third-largest economies, which represent about 30 per cent of global output. In Tokyo last week, Motegi predicted the crunch talks would be "candid," with the first round focused on "making a decision on which areas we will discuss, chiefly in the field of goods." "I will do my best to have thorough discussions so as to produce a good result in line with our national interest," he said. The agreement between Trump and Abe said the negotiations initially would address "goods, as well as other key areas including services, that can produce early achievements," while leaving access for US agriculture to Japan's market for a later day. In May, Trump ordered his administration to investigate the possibility of imposing tariffs of up to 25 per cent on foreign autos and auto parts, a prospect that alarmed the industry and could have serious repercussions for Japan and Europe. 'Very quick agreement' US Agriculture Secretary Sonny Perdue said last week he was seeking a "very quick agreement" with Japan on tariff cuts for agricultural goods. "I hope we can come to a very quick agreement with Japan over maybe some temporary ... provisions and hash out the many other issues that take longer in this area," Perdue told reporters in Washington, Kyodo News and the business daily Nikkei reported. However, the US side is likely to run into opposition from Japan on this issue, Jiji Press reported, citing unnamed government sources. "There's no way for us to conclude an agricultural deal first," a senior Japanese official told Jiji. If Japan does so, it may violate World Trade Organization rules related to free-trade agreements, the officials noted, according to the report. Tokyo is expected to counter with demands that the United States scrap tariffs on Japanese industrial goods if Washington urges an early opening of Japanese agricultural markets. Tokyo aims to focus only on tariff matters, describing the talks as "TAG," or trade agreement on goods. However, Washington trade officials have spelt out 22 specific negotiation areas also including non-tariff barriers in Japan's auto market and currency. US Treasury Secretary Steven Mnuchin said Saturday any agreement will include a requirement to refrain from manipulating currencies to gain an advantage in international trade. Trump and Abe will have plenty of opportunities to talk trade in the coming months. Abe is visiting the United States later this month and Trump is expected in Japan in May to pay his respects to the country's new emperor who will take the throne on May 1. Trump is then expected back in Japan the following month as the western city of Osaka hosts the Group of 20 summits of world leaders on June 28-29.

US, Japan to open trade talks amid China deal optimism

<a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">Trade talks</a> between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

Kudlow, speaking to reporters on Wednesday at an event organized by the Christian Science Monitor, said China had recognised problems for the first time during the talks that the United States has raised for years.

Negotiations continued in Washington on Wednesday after meetings last week in Beijing, spearheaded by US&nbsp;Trade Representative <a href="https://www.google.com/url?q=https://www.wionews.com/world/us-and-china-open-trade-talks-in-beijing-197284&amp;sa=U&amp;ved=0ahUKEwiS9J-OxbXhAhXRjOYKHcjCB2IQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0hILGxRoNQmZwUAh7dAjpk">Robert Lighthizer</a> and Treasury Secretary <a href="https://www.google.com/url?q=https://www.wionews.com/world/so-far-so-good-steven-mnuchin-says-of-trade-talks-in-china-197240&amp;sa=U&amp;ved=0ahUKEwjk9cybxbXhAhXg73MBHc3VAEoQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw166SGi2CpUGSdzjm1490zV">Steven Mnuchin</a>.

<a href="https://www.google.com/url?q=https://www.wionews.com/world/us-china-report-progress-in-beijing-trade-talks-206635&amp;sa=U&amp;ved=0ahUKEwjwgcGvxbXhAhXh73MBHZozBKwQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0ZlL_MbQGBucQYU-1ZqQyc">President Donald Trump</a> will meet with Vice Premier Liu He, who is leading the Chinese side in the talks, in the Oval Office at 4:30 p.m. (2030 GMT) on Thursday, the White House said.

The United States and China have levied tariffs on hundreds of billions of dollars' worth of two-way trade since July 2018. Trump has said he wants a "great deal" with China and has hinted that tariffs could remain in place for some time.

Chinese commitments to increase purchases of American agricultural, energy and manufactured products are expected to be part of a final deal, and a person familiar with the talks said China would get about six years to meet those commitments, or until 2025.

The deadline was reported earlier by Bloomberg, but Trump administration officials previously said that a six-year timeline for purchases exceeding $1 trillion had been under discussion.

A final number for the number of purchases has not been settled, the person said.

Kudlow said Liu and his team would remain in Washington for three days and possibly longer.

"We're covering issues that have never really been covered before, including enforcement," Kudlow said, listing U.S. accusations that Beijing engages in intellectual property theft, forced transfer of technology from US&nbsp;companies doing business in China, cyber hacking, tariffs and non-tariff barriers for commodity trading.

"All making good progress, all making good headway, but we're not there yet," he said about those areas. "We hope this week to get closer."

Kudlow said it was significant that China had "acknowledged these problems for the first time. They were in denial."

Those structural issues along with the way a potential deal would be enforced have been sticking points during months of talks between the world's two largest economies.

Kudlow said on Wednesday that US&nbsp;charges against Chinese telecommunications giant Huawei Technologies Co Ltd had generally not come up during trade talks.

Kudlow also said no decisions had been made on tariffs on auto imports coming from top US&nbsp;allies.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said. Kudlow, speaking to reporters on Wednesday at an event organized by the Christian Science Monitor, said China had recognised problems for the first time during the talks that the United States has raised for years. Negotiations continued in Washington on Wednesday after meetings last week in Beijing, spearheaded by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. President Donald Trump will meet with Vice Premier Liu He, who is leading the Chinese side in the talks, in the Oval Office at 4:30 p.m. (2030 GMT) on Thursday, the White House said. The United States and China have levied tariffs on hundreds of billions of dollars' worth of two-way trade since July 2018. Trump has said he wants a "great deal" with China and has hinted that tariffs could remain in place for some time. Chinese commitments to increase purchases of American agricultural, energy and manufactured products are expected to be part of a final deal, and a person familiar with the talks said China would get about six years to meet those commitments, or until 2025. The deadline was reported earlier by Bloomberg, but Trump administration officials previously said that a six-year timeline for purchases exceeding $1 trillion had been under discussion. A final number for the number of purchases has not been settled, the person said. Kudlow said Liu and his team would remain in Washington for three days and possibly longer. "We're covering issues that have never really been covered before, including enforcement," Kudlow said, listing U.S. accusations that Beijing engages in intellectual property theft, forced transfer of technology from US companies doing business in China, cyber hacking, tariffs and non-tariff barriers for commodity trading. "All making good progress, all making good headway, but we're not there yet," he said about those areas. "We hope this week to get closer." Kudlow said it was significant that China had "acknowledged these problems for the first time. They were in denial." Those structural issues along with the way a potential deal would be enforced have been sticking points during months of talks between the world's two largest economies. Kudlow said on Wednesday that US charges against Chinese telecommunications giant Huawei Technologies Co Ltd had generally not come up during trade talks. Kudlow also said no decisions had been made on tariffs on auto imports coming from top US allies.

US-China talks making progress, could be extended: White House

The United States and China said they made progress in trade talks that concluded on Friday in Beijing that Washington called "candid and constructive" as the world`s two largest economies try to resolve a bitter, nearly nine-month trade war.

"The two parties continued to make progress during candid and constructive discussions on the negotiations and important next steps," the White House said in a statement, adding that it looked forward to the visit to Washington next week by a Chinese delegation led by Vice Premier Liu He.

The statement gave no other details on the nature of the progress.&nbsp;

US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since President Donald Trump delayed a scheduled March 2 hike in tariffs on $200 billion worth of Chinese goods, citing progress in negotiations.&nbsp;

China`s state news agency Xinhua said the two sides discussed "relevant agreement documents" and made new progress in their talks, but did not elaborate in a brief report.

"@USTradeRep and I concluded constructive trade talks in Beijing," Mnuchin said on social media network Twitter.

Earlier, Mnuchin told reporters that US officials had a "very productive working dinner" on Thursday. He did not elaborate and it was not immediately clear with whom he had dined.

Trump imposed tariffs on $250 billion of Chinese imports beginning last July in a move to force China to change the way it does business with the rest of the world and to pry open more of its economy to US companies.

Though his blunt-force use of tariffs has angered many, his push to change what are widely viewed as China`s market-distorting trade and subsidy practices has drawn broad support.&nbsp;

Lobbyists, company executives and US lawmakers from both parties have urged Trump not to settle simply for Beijing`s offers to make big-ticket purchases from the United States to help reduce a record trade gap.

LOST IN TRANSLATION?&nbsp;

Details of where the two sides made progress were not immediately clear. Going into the talks, people familiar with the negotiations had said there were still significant differences on an enforcement mechanism and the sequence of when and how US tariffs on Chinese products would be lifted.

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.&nbsp;

Observers had anticipated the scope of this round of talks, which wrapped up about 24 hours after the US delegation arrived, to be quite narrow, but that both countries hoped to signal they were working hard toward a resolution.&nbsp;

Reuters reported previously that the two sides were negotiating written pacts in six areas: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade.&nbsp;

A US administration official told Reuters earlier this week that Lighthizer and Mnuchin were "literally sitting there going through the texts", a task typically delegated to lower-level deputies.

One person with knowledge of the talks said "translation is definitely an issue", referring to discrepancies between the Chinese and English-language versions.

On Thursday, Premier Li Keqiang said Beijing would sharply expand market access for foreign banks and securities and insurance companies, fuelling speculation that China may soon announce new rules allowing foreign financial firms to increase their presence.&nbsp;

White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached, while keeping others in place to ensure Beijing`s compliance.

"We`re not going to give up our leverage," he told reporters in Washington on Thursday.

`THERE ARE GOING TO BE PROBLEMS`

Many have expressed scepticism that any deal can permanently resolve US-China trade tensions.

"Whatever implementation mechanism China agrees to, whether it is monthly or quarterly meetings or other check-ins, there are going to be problems," James Green, a senior advisor at McLarty Associates who until August was the top USTR official at the embassy in Beijing, told Reuters.

"Either the purchases are going to be off, or the market access is not going to be there. And then the question is, `When do you consider putting tariffs back on?`" he added. "The trade issue is not going to be put to bed."

Trump`s demands include an end to Beijing`s practices that Washington says result in the systematic theft of US intellectual property and the forced transfer of American technology to Chinese companies.

US 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.&nbsp;

The US government says technology is often subsequently transferred to, and used by, Chinese competitors.

The issue has proved tough for negotiators as US officials say China has previously refused to acknowledge the problem exists to the extent alleged by the United States, making it hard to discuss resolution.

China says its laws enshrine no requirements on technology transfers that are a result of legitimate transactions.

The United States and China said they made progress in trade talks that concluded on Friday in Beijing that Washington called "candid and constructive" as the world`s two largest economies try to resolve a bitter, nearly nine-month trade war.

The United States and China said they made progress in trade talks that concluded on Friday in Beijing that Washington called "candid and constructive" as the world`s two largest economies try to resolve a bitter, nearly nine-month trade war. "The two parties continued to make progress during candid and constructive discussions on the negotiations and important next steps," the White House said in a statement, adding that it looked forward to the visit to Washington next week by a Chinese delegation led by Vice Premier Liu He. The statement gave no other details on the nature of the progress. US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since President Donald Trump delayed a scheduled March 2 hike in tariffs on $200 billion worth of Chinese goods, citing progress in negotiations. China`s state news agency Xinhua said the two sides discussed "relevant agreement documents" and made new progress in their talks, but did not elaborate in a brief report. "@USTradeRep and I concluded constructive trade talks in Beijing," Mnuchin said on social media network Twitter. Earlier, Mnuchin told reporters that US officials had a "very productive working dinner" on Thursday. He did not elaborate and it was not immediately clear with whom he had dined. Trump imposed tariffs on $250 billion of Chinese imports beginning last July in a move to force China to change the way it does business with the rest of the world and to pry open more of its economy to US companies. Though his blunt-force use of tariffs has angered many, his push to change what are widely viewed as China`s market-distorting trade and subsidy practices has drawn broad support. Lobbyists, company executives and US lawmakers from both parties have urged Trump not to settle simply for Beijing`s offers to make big-ticket purchases from the United States to help reduce a record trade gap. LOST IN TRANSLATION? Details of where the two sides made progress were not immediately clear. Going into the talks, people familiar with the negotiations had said there were still significant differences on an enforcement mechanism and the sequence of when and how US tariffs on Chinese products would be lifted. 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. Observers had anticipated the scope of this round of talks, which wrapped up about 24 hours after the US delegation arrived, to be quite narrow, but that both countries hoped to signal they were working hard toward a resolution. Reuters reported previously that the two sides were negotiating written pacts in six areas: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade. A US administration official told Reuters earlier this week that Lighthizer and Mnuchin were "literally sitting there going through the texts", a task typically delegated to lower-level deputies. One person with knowledge of the talks said "translation is definitely an issue", referring to discrepancies between the Chinese and English-language versions. On Thursday, Premier Li Keqiang said Beijing would sharply expand market access for foreign banks and securities and insurance companies, fuelling speculation that China may soon announce new rules allowing foreign financial firms to increase their presence. White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached, while keeping others in place to ensure Beijing`s compliance. "We`re not going to give up our leverage," he told reporters in Washington on Thursday. `THERE ARE GOING TO BE PROBLEMS` Many have expressed scepticism that any deal can permanently resolve US-China trade tensions. "Whatever implementation mechanism China agrees to, whether it is monthly or quarterly meetings or other check-ins, there are going to be problems," James Green, a senior advisor at McLarty Associates who until August was the top USTR official at the embassy in Beijing, told Reuters. "Either the purchases are going to be off, or the market access is not going to be there. And then the question is, `When do you consider putting tariffs back on?`" he added. "The trade issue is not going to be put to bed." Trump`s demands include an end to Beijing`s practices that Washington says result in the systematic theft of US intellectual property and the forced transfer of American technology to Chinese companies. US 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. The US government says technology is often subsequently transferred to, and used by, Chinese competitors. The issue has proved tough for negotiators as US officials say China has previously refused to acknowledge the problem exists to the extent alleged by the United States, making it hard to discuss resolution. China says its laws enshrine no requirements on technology transfers that are a result of legitimate transactions.

US, China hold 'candid and constructive' trade talks in Beijing

Top US and Chinese officials held phone talks Tuesday to discuss the next steps in <a href="http://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">trade negotiations</a>, Chinese state media said, as the White House said no date has been set for a summit.

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke with Beijing's top economic official Liu He over the phone to discuss "key issues" on trade, the official news agency Xinhua reported.

The top negotiators also discussed the "next steps" in their talks, the brief report said, without providing details.

China and the United States have been locked in a trade war since last year, imposing tit-for-tat tariffs on more than $360 billion worth of mutual trade, spooking global markets.

Top-level negotiators are trying to hammer out an agreement before a truce expires, potentially triggering additional US tariffs on Chinese goods.

A possible summit between President Donald Trump and his Chinese counterpart Xi Jinping remains up in the air, the White House said Monday.

Trump has previously expressed optimism that he will meet with Xi, probably at his Florida golf club Mar-a-Lago this month, to finalise an eventual trade deal.

But Trump spokeswoman Sarah Sanders said it was too early to announce a meeting.

"In terms of whether or not we have a date set, not yet. We're continuing negotiations with China," she said at the White House. "When we have an announcement for the two leaders to sit down, we'll let you know."

The press secretary also said she was unaware of any plan for Xi and Trump to speak by phone.

Sanders said Trump will not agree to anything short of a deal beneficial to the United States.&nbsp;

She denied that the breakdown of Trump's attempts to negotiate with North Korea over the country's nuclear weapons had weakened his standing in Beijing.

"I would say that's absurd. He's going to make a deal if it's a good deal, if it's in the best interest of America, and if he doesn't feel like it's a good deal, it's not worth just signing a piece of paper," Sanders said.

"The president's gonna make sure whatever deal we get is in our best interest, that it's fair and reciprocal trade, that it protects our intellectual property and has safeguards."

Top US and Chinese officials held phone talks Tuesday to discuss the next steps in trade negotiations, Chinese state media said, as the White House said no date has been set for a summit.

Top US and Chinese officials held phone talks Tuesday to discuss the next steps in trade negotiations, Chinese state media said, as the White House said no date has been set for a summit. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke with Beijing's top economic official Liu He over the phone to discuss "key issues" on trade, the official news agency Xinhua reported. The top negotiators also discussed the "next steps" in their talks, the brief report said, without providing details. China and the United States have been locked in a trade war since last year, imposing tit-for-tat tariffs on more than $360 billion worth of mutual trade, spooking global markets. Top-level negotiators are trying to hammer out an agreement before a truce expires, potentially triggering additional US tariffs on Chinese goods. A possible summit between President Donald Trump and his Chinese counterpart Xi Jinping remains up in the air, the White House said Monday. Trump has previously expressed optimism that he will meet with Xi, probably at his Florida golf club Mar-a-Lago this month, to finalise an eventual trade deal. But Trump spokeswoman Sarah Sanders said it was too early to announce a meeting. "In terms of whether or not we have a date set, not yet. We're continuing negotiations with China," she said at the White House. "When we have an announcement for the two leaders to sit down, we'll let you know." The press secretary also said she was unaware of any plan for Xi and Trump to speak by phone. Sanders said Trump will not agree to anything short of a deal beneficial to the United States. She denied that the breakdown of Trump's attempts to negotiate with North Korea over the country's nuclear weapons had weakened his standing in Beijing. "I would say that's absurd. He's going to make a deal if it's a good deal, if it's in the best interest of America, and if he doesn't feel like it's a good deal, it's not worth just signing a piece of paper," Sanders said. "The president's gonna make sure whatever deal we get is in our best interest, that it's fair and reciprocal trade, that it protects our intellectual property and has safeguards."

US, China negotiators talk but no date for Trump-Xi trade summit

The European Union's top trade officials will update their US counterparts this week on progress in obtaining a negotiating mandate for an EU-US trade deal on industrial goods and raise concern over existing and potential future US tariffs.

EU Trade Commissioner Cecilia Malmstrom will meet US Trade Representative Robert Lighthizer on March 6 in Washington and the Secretary-General of the European Commission, Martin Selmayr, will meet the Director of the United States National Economic Council Larry Kudlow on March 7.

The European Union's executive arm, the European Commission, has the sole responsibility for negotiating trade deals for the whole 28-nation bloc of 513 million people and has been in close discussions with Washington over trade policy since last July to avert the threat of US tariffs on EU cars and car parts.

The European Commission has asked member countries to approve two negotiating mandates so that formal talks can begin. Germany is keen to start quickly, while France is reluctant.

"The discussions will focus on the next steps towards the implementation of the July 2018 Joint Statement and on the EU-US cooperation on World Trade Organisation reform and level playing field issues," Commission spokesman Margaritis Schinas said of this week's talks.

"The Commission will update the US side on the state of play of the adoption of the negotiating mandates for EU-US trade agreements on industrial goods and on conformity assessment," he said.

Rather than negotiating a comprehensive trade deal that could take a very long time, the EU is keen to reach a quicker agreement with the United States on trade in industrial goods alone, excluding agriculture that tends to be more controversial.

This could help resolve the issue of US tariffs on European steel and aluminium and avert the threat of US tariffs on EU-made cars and car parts.

"The Commission will also raise the EU's concerns on the tariffs imposed by the US on steel and aluminium products and on the possible consequences of the recently concluded investigation on whether automobile imports represent a threat to the US' national security," Schinas said.

Commission head Jean-Claude Juncker said on Feb. 18 that US tariffs on imports of European cars could mean that Europe would buy fewer soybeans and liquid gas from the United States, imports of which have jumped since July.

The European Union's top trade officials will update their US counterparts this week on progress in obtaining a negotiating mandate for an EU-US trade deal on industrial goods and raise concern over existing and potential future US tariffs.

The European Union's top trade officials will update their US counterparts this week on progress in obtaining a negotiating mandate for an EU-US trade deal on industrial goods and raise concern over existing and potential future US tariffs. EU Trade Commissioner Cecilia Malmstrom will meet US Trade Representative Robert Lighthizer on March 6 in Washington and the Secretary-General of the European Commission, Martin Selmayr, will meet the Director of the United States National Economic Council Larry Kudlow on March 7. The European Union's executive arm, the European Commission, has the sole responsibility for negotiating trade deals for the whole 28-nation bloc of 513 million people and has been in close discussions with Washington over trade policy since last July to avert the threat of US tariffs on EU cars and car parts. The European Commission has asked member countries to approve two negotiating mandates so that formal talks can begin. Germany is keen to start quickly, while France is reluctant. "The discussions will focus on the next steps towards the implementation of the July 2018 Joint Statement and on the EU-US cooperation on World Trade Organisation reform and level playing field issues," Commission spokesman Margaritis Schinas said of this week's talks. "The Commission will update the US side on the state of play of the adoption of the negotiating mandates for EU-US trade agreements on industrial goods and on conformity assessment," he said. Rather than negotiating a comprehensive trade deal that could take a very long time, the EU is keen to reach a quicker agreement with the United States on trade in industrial goods alone, excluding agriculture that tends to be more controversial. This could help resolve the issue of US tariffs on European steel and aluminium and avert the threat of US tariffs on EU-made cars and car parts. "The Commission will also raise the EU's concerns on the tariffs imposed by the US on steel and aluminium products and on the possible consequences of the recently concluded investigation on whether automobile imports represent a threat to the US' national security," Schinas said. Commission head Jean-Claude Juncker said on Feb. 18 that US tariffs on imports of European cars could mean that Europe would buy fewer soybeans and liquid gas from the United States, imports of which have jumped since July.

European Union set for trade talks with US on March 6 amid concern over tariffs

US and China hold last round of trade talks before March 1 deadline

A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday.

The WTO's quarterly outlook indicator, a composite of seven drivers of trade, showed a reading of 96.3, the weakest since March 2010 and down from 98.6 in November. A reading below 100 signals below-trend growth in trade.

A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday.

A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday. The WTO's quarterly outlook indicator, a composite of seven drivers of trade, showed a reading of 96.3, the weakest since March 2010 and down from 98.6 in November. A reading below 100 signals below-trend growth in trade.

WTO warns of global trade slowdown as indicator hits nine-year low

A new round of talks between the United States and China to resolve their trade war will take place in Washington on Tuesday, with follow-up sessions at a higher level later in the week, the White House said on Monday.

The talks follow a round of negotiations that ended in Beijing last week without a deal but which officials said had generated progress on contentious issues between the world's two largest economies.

The talks are aimed at "achieving needed structural changes in China that affect trade between the United States and China. The two sides will also discuss China's pledge to purchase a substantial amount of goods and services from the United States," the White House said in a statement.

The higher-level talks will start on Thursday and be led by US&nbsp;Trade Representative Robert Lighthizer, a strong proponent of pressing China to end practices that the United States says include forced technology transfers from US&nbsp;companies and intellectual property theft.

China, which denies that it engages in such practices, confirmed that Vice Premier Liu He will visit Washington on Thursday and Friday for the talks.

The White House said Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, economic adviser Larry Kudlow and trade adviser Peter Navarro would also take part in the talks.

US&nbsp;tariffs on $200 billion in imports from China are set to rise to 25 per cent from 10 per cent if no deal is reached by March 1.

Trump, who suggested last week that he could extend the deadline for the talks, reiterated in a speech on Monday that the negotiations had been fruitful.

"We're making a lot of progress. Nobody expected this was going to be happening," he told a crowd in Florida.

A new round of talks between the United States and China to resolve their trade war will take place in Washington on Tuesday, with follow-up sessions at a higher level later in the week, the White House said on Monday.

A new round of talks between the United States and China to resolve their trade war will take place in Washington on Tuesday, with follow-up sessions at a higher level later in the week, the White House said on Monday. The talks follow a round of negotiations that ended in Beijing last week without a deal but which officials said had generated progress on contentious issues between the world's two largest economies. The talks are aimed at "achieving needed structural changes in China that affect trade between the United States and China. The two sides will also discuss China's pledge to purchase a substantial amount of goods and services from the United States," the White House said in a statement. The higher-level talks will start on Thursday and be led by US Trade Representative Robert Lighthizer, a strong proponent of pressing China to end practices that the United States says include forced technology transfers from US companies and intellectual property theft. China, which denies that it engages in such practices, confirmed that Vice Premier Liu He will visit Washington on Thursday and Friday for the talks. The White House said Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, economic adviser Larry Kudlow and trade adviser Peter Navarro would also take part in the talks. US tariffs on $200 billion in imports from China are set to rise to 25 per cent from 10 per cent if no deal is reached by March 1. Trump, who suggested last week that he could extend the deadline for the talks, reiterated in a speech on Monday that the negotiations had been fruitful. "We're making a lot of progress. Nobody expected this was going to be happening," he told a crowd in Florida.

New round of US-China trade talks to begin in Washington today

Asian stocks retreated Friday as concern grew over reports of an impasse in China-US trade talks in Beijing, and Wall Street was hit by weak US retail sales.

Bourses across the region posted losses as investors shrugged off news that US President Donald Trump would sign a massive spending bill to avert a government shutdown, while Chinese inflation eased more than expected.

Top US economic officials were due to meet President Xi Jinping in the Chinese capital as both sides aim to conclude trade talks with enough goodwill to extend a truce in their tariff war.

Trump's economic advisor Larry Kudlow said the talks were "covering all the ground" and "the vibe is good" though no decision had been taken on extending a March 1 deadline for tariff hikes.

But multiple reports said there had been little progress on thorny issues such as US demands that China cracks down on forced technology transfers and reduce subsidies that favour domestic companies.

The Wall Street Journal said China had offered to boost imports of US goods with promises of major purchases of semiconductors and other items, but that officials "remained deadlocked on a number of issues".

And Bloomberg News reported that the two sides had "failed to narrow the gap around structural reforms to China's economy that the US has requested".

Both cited anonymous sources.

Failure to resolve the dispute would initiate a sharp hike in US tariffs on $200 billion of Chinese goods which could slow the global economy.

Hong Kong shed 1.5 per cent, Tokyo dropped 1.2 per cent and Shanghai fell 0.7 per cent.

Seoul, Taipei, Wellington and Jakarta all posted losses too, though Sydney edged up.

Factory and consumer price inflation in China rose at a slower rate than expected in January, official data showed Friday.

The weak producer prices were "a concern since these are highly correlated with profit growth in the industry", Julian Evans-Pritchard of Capital Economics said in a research note.

Wall Street fell earlier after the Commerce Department reported US retail sales had dropped 1.2 per cent in December from the previous month, marking the largest month-to-month decrease since September 2009.

The report suggested American consumers had held back during a peak holiday shopping season that coincided with a plunge in the stock market.

The US Congress passed a spending bill to avert a government shutdown, and Trump has signalled he will sign it before a midnight Friday deadline.

But the positive news was offset as the American president alarmed lawmakers with a plan to declare a national emergency to fund his controversial wall on the Mexico border.

Meanwhile, oil continued to climb due to falling global output after the Organization of the Petroleum Exporting Countries cut output.

Asian stocks retreated Friday as concern grew over reports of an impasse in China-US trade talks in Beijing, and Wall Street was hit by weak US retail sales. Bourses across the region posted losses as investors shrugged off news that US President Donald Trump would sign a massive spending bill to avert a government shutdown, while Chinese inflation eased more than expected.

Asian stocks retreated Friday as concern grew over reports of an impasse in China-US trade talks in Beijing, and Wall Street was hit by weak US retail sales. Bourses across the region posted losses as investors shrugged off news that US President Donald Trump would sign a massive spending bill to avert a government shutdown, while Chinese inflation eased more than expected. Top US economic officials were due to meet President Xi Jinping in the Chinese capital as both sides aim to conclude trade talks with enough goodwill to extend a truce in their tariff war. Trump's economic advisor Larry Kudlow said the talks were "covering all the ground" and "the vibe is good" though no decision had been taken on extending a March 1 deadline for tariff hikes. But multiple reports said there had been little progress on thorny issues such as US demands that China cracks down on forced technology transfers and reduce subsidies that favour domestic companies. The Wall Street Journal said China had offered to boost imports of US goods with promises of major purchases of semiconductors and other items, but that officials "remained deadlocked on a number of issues". And Bloomberg News reported that the two sides had "failed to narrow the gap around structural reforms to China's economy that the US has requested". Both cited anonymous sources. Failure to resolve the dispute would initiate a sharp hike in US tariffs on $200 billion of Chinese goods which could slow the global economy. Hong Kong shed 1.5 per cent, Tokyo dropped 1.2 per cent and Shanghai fell 0.7 per cent. Seoul, Taipei, Wellington and Jakarta all posted losses too, though Sydney edged up. Factory and consumer price inflation in China rose at a slower rate than expected in January, official data showed Friday. The weak producer prices were "a concern since these are highly correlated with profit growth in the industry", Julian Evans-Pritchard of Capital Economics said in a research note. Wall Street fell earlier after the Commerce Department reported US retail sales had dropped 1.2 per cent in December from the previous month, marking the largest month-to-month decrease since September 2009. The report suggested American consumers had held back during a peak holiday shopping season that coincided with a plunge in the stock market. The US Congress passed a spending bill to avert a government shutdown, and Trump has signalled he will sign it before a midnight Friday deadline. But the positive news was offset as the American president alarmed lawmakers with a plan to declare a national emergency to fund his controversial wall on the Mexico border. Meanwhile, oil continued to climb due to falling global output after the Organization of the Petroleum Exporting Countries cut output.

Asian shares drop on trade talks fears, weak US retail

US and Indian government officials pressed on with talks on Thursday to resolve their differences over trade and investment, Indian government sources said, even though <a href="http://www.wionews.com/business-economy/india-us-commercial-dialogue-us-commerce-secretary-wilbur-ross-not-coming-197245">US Commerce Secretary Wilbur Ross called off his visit because of bad weather</a> at home.

Ross addressed a US-India CEO Forum by video after his flight was cancelled and was due to similarly join the commercial dialogue later in the day with Indian Commerce Minister Suresh Prabhu, the sources said.

US ambassador to India Kenneth Juster is leading the delegation on the ground.

India and the United States are sparring over a range of issues, from India's new rules on e-ecommerce that affect firms such as Amazon and Walmart to data localisation and its tariffs that US President Donald Trump says are exceptionally high.

Washington has also had a longstanding grievance with India over its large trade deficit with the United States and what it sees as the Indian government's lax intellectual property enforcement.

A US trade delegation led by United States Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin began high-level talks with Chinese counterparts on Thursday to de-escalate a tariff war ahead of a March 1 deadline for a deal.

New Delhi defends the measures on e-commerce as a way to protect the interests of small businesses and says it has been cutting tariffs gradually to give local industry a level playing field and create jobs for a very large youth population.

Details of the discussions held on Thurdsay were not immediately available and officials said the two sides were likely to issue a joint statement later on Thursday.

The sources also said that trade negotiations would be conducted by the United States Trade Representative (USTR) and not by the Commerce Department, which is focused on boosting investment, improving the business climate and some specific areas such as travel and tourism.

Still, the two sides are expected to touch on the thorny issues that have cropped up in recent months and pledge efforts to address them. "It will be a friendly discussion, they would avoid the risk of disappointment," said a source with knowledge of the matter.

The meeting comes at a time when the USTR is reviewing India's eligibility as a beneficiary of its Generalised System of Preferences (GSP) under which the country has enjoyed zero tariffs for about 2,000 goods exported to the United States that are worth $5.6 billion.

Reuters reported last week that the USTR is considering withdrawal or scaling back of these tariffs because of the lack of reciprocity from India on its tariffs, its tightening curbs on online sales and its insistence that foreign payment card companies, such as Mastercard and Visa, store data in India.

US and Indian government officials pressed on with talks on Thursday to resolve their differences over trade and investment, Indian government sources said, even though US Commerce Secretary Wilbur Ross called off his visit because of bad weather at home.

US and Indian government officials pressed on with talks on Thursday to resolve their differences over trade and investment, Indian government sources said, even though US Commerce Secretary Wilbur Ross called off his visit because of bad weather at home. Ross addressed a US-India CEO Forum by video after his flight was cancelled and was due to similarly join the commercial dialogue later in the day with Indian Commerce Minister Suresh Prabhu, the sources said. US ambassador to India Kenneth Juster is leading the delegation on the ground. India and the United States are sparring over a range of issues, from India's new rules on e-ecommerce that affect firms such as Amazon and Walmart to data localisation and its tariffs that US President Donald Trump says are exceptionally high. Washington has also had a longstanding grievance with India over its large trade deficit with the United States and what it sees as the Indian government's lax intellectual property enforcement. A US trade delegation led by United States Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin began high-level talks with Chinese counterparts on Thursday to de-escalate a tariff war ahead of a March 1 deadline for a deal. New Delhi defends the measures on e-commerce as a way to protect the interests of small businesses and says it has been cutting tariffs gradually to give local industry a level playing field and create jobs for a very large youth population. Details of the discussions held on Thurdsay were not immediately available and officials said the two sides were likely to issue a joint statement later on Thursday. The sources also said that trade negotiations would be conducted by the United States Trade Representative (USTR) and not by the Commerce Department, which is focused on boosting investment, improving the business climate and some specific areas such as travel and tourism. Still, the two sides are expected to touch on the thorny issues that have cropped up in recent months and pledge efforts to address them. "It will be a friendly discussion, they would avoid the risk of disappointment," said a source with knowledge of the matter. The meeting comes at a time when the USTR is reviewing India's eligibility as a beneficiary of its Generalised System of Preferences (GSP) under which the country has enjoyed zero tariffs for about 2,000 goods exported to the United States that are worth $5.6 billion. Reuters reported last week that the USTR is considering withdrawal or scaling back of these tariffs because of the lack of reciprocity from India on its tariffs, its tightening curbs on online sales and its insistence that foreign payment card companies, such as Mastercard and Visa, store data in India.

US and India hold talks to calm trade tensions

US Treasury Secretary Steven Mnuchin said on Wednesday he hopes for "productive" trade meetings in China this week, as the <a href="http://www.wionews.com/world/trump-says-could-extend-china-trade-talks-deadline-197022">two countries seek to hammer out an agreement </a>amid a festering dispute that has seen both level tariffs at each other.

Also read:&nbsp;<a href="http://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">Explaining the US-China trade war which grabbed </a><a href="http://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">spotlight</a><a href="http://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043"> in 2018</a>

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 cannot reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture.

Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings". He did not elaborate.

Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday.

US President Donald Trump said on Tuesday that he could let the deadline for a trade agreement "slide for a little while," but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point.

Trump's advisers have previously described March 1 as a "hard deadline," but Trump told reporters for the first time that a delay was now possible.

A growing number of US businesses and lawmakers have expressed hopes for a delay in the tariff increase while the two sides tackle the difficult US demands for major "structural" policy changes by China aimed at ending the forced transfer of American trade secrets, curbing Beijing's industrial subsidies and enforcing intellectual property rights.

Trump said last week he did not plan to meet with Xi before the March 1 deadline.

Mnuchin and Lighthizer are scheduled to hold talks on Thursday and Friday with Vice Premier Liu He, the top economic adviser to Xi.

The latest round of talks in Beijing kicked off on Monday with discussions among deputy-level officials to try to work out technical details, including a mechanism for enforcing any trade agreement.

A round of talks at the end of January ended with some progress reported, but no deal and US declarations that much more work was needed.

US Treasury Secretary Steven Mnuchin said on Wednesday he hopes for "productive" trade meetings in China this week, as the two countries seek to hammer out an agreement amid a festering dispute that has seen both level tariffs at each other.

US Treasury Secretary Steven Mnuchin said on Wednesday he hopes for "productive" trade meetings in China this week, as the two countries seek to hammer out an agreement amid a festering dispute that has seen both level tariffs at each other. Also read: Explaining the US-China trade war which grabbed spotlight in 2018 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 cannot reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture. Mnuchin, asked by reporters as he left his Beijing hotel what his hopes were for the visit, said "productive meetings". He did not elaborate. Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday. US President Donald Trump said on Tuesday that he could let the deadline for a trade agreement "slide for a little while," but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. Trump's advisers have previously described March 1 as a "hard deadline," but Trump told reporters for the first time that a delay was now possible. A growing number of US businesses and lawmakers have expressed hopes for a delay in the tariff increase while the two sides tackle the difficult US demands for major "structural" policy changes by China aimed at ending the forced transfer of American trade secrets, curbing Beijing's industrial subsidies and enforcing intellectual property rights. Trump said last week he did not plan to meet with Xi before the March 1 deadline. Mnuchin and Lighthizer are scheduled to hold talks on Thursday and Friday with Vice Premier Liu He, the top economic adviser to Xi. The latest round of talks in Beijing kicked off on Monday with discussions among deputy-level officials to try to work out technical details, including a mechanism for enforcing any trade agreement. A round of talks at the end of January ended with some progress reported, but no deal and US declarations that much more work was needed.

US' Mnuchin hopes for 'productive' trade meetings in China

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