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Trade talks with US to continue in Washington next week: Chinese President Xi Jinping

File photo of Chinese President Xi Jiping. Photograph:( Reuters )

Reuters Beijing, China Feb 15, 2019, 06.10 PM (IST)

Chinese President Xi Jinping said on Friday trade talks with the United States will continue in Washington next week and that he hopes the two sides will be able to reach a mutually beneficial deal in the upcoming negotiations, state media reported.

Xi said during a meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin that talks in Beijing this week made progress and that China is willing to solve economic and trade disputes with the United States via cooperation, according to a report by Xinhua.

Lighthizer and Mnuchin said during the meeting that they maintain hope although there is still much work to be done and that they are willing to work with China to reach a deal that is in line with the interests of both countries, according to Xinhua.

The US delegation had a banquet with Chinese counterparts at a Beijing hotel on Thursday night, a person with knowledge of the meetings said. But neither country had offered details on how the two sides might de-escalate a tariff war that has roiled financial markets and disrupted manufacturing supply chains.

US duties on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights.

Although US President Donald Trump said earlier in the week that an extension of the deadline was possible if a "real deal" was close, Larry Kudlow, director of the National Economic Council, said the White House had made no such decision.

Several sources informed about the meetings told Reuters there was little indication negotiators had made major progress on sticking points to pave the way for a potential meeting between Xi and Trump in coming weeks to hammer out a deal.

 

Story highlights

Xi Jinping said during a meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin that talks in Beijing this week made progress and that China is willing to solve economic and trade disputes.