WASHINGTON (Reuters) – China's written response to US demands for trade reforms is unlikely to trigger a breakthrough in talks…
WASHINGTON (Reuters) – China’s written response to US demands for trade reforms is unlikely to trigger a breakthrough in talks between presidents Donald Trump and Xi Jinping later this month, a Trump official told Reuters on Thursday.
PHILPHOTO: Containers are seen at Yangshan Deep Water Port in Shanghai, China on April 24, 201
8. REUTERS / Aly Song / File Photo
Beijing gave the Trump administration its document earlier this week, responding to a month-long request from US officials for commitments that would jump on trade negotiations, Reuters reported on Wednesday.
It was a good sign that Beijing had written something in writing after months after being reduced to do so, the official said and spoke to Reuters on terms of anonymity.
The Chinese document contained 142 entries divided into three categories: Issues Chinese are willing to negotiate further action, issues that they already deal with and issues they consider to be limited, said the official.
The item’s non-negotiable list was unacceptable to the United States, said the official and the overall list deserved to be seen with skepticism, partly because China has previously promised economic and trade reforms that it had not met.
By way of example, he quoted an earlier offer by China to release restrictions on US ownership of Chinese companies and said that China had not succeeded in following licenses for US companies.
US. Officials still studied the list, which the official said was received on Monday evening.
With the G20 summit just two weeks away, the official slammed expectations of a major breakthrough on material issues of trade during talks between Trump and Xi at the World Cup Summit in late November.
One best case may be that the two leaders agreed to continue talking and explain that the issue is moving in a better direction, said the official.
It was too early to tell if China’s offer would be enough to rule out an increase in US tariffs in early 2019, he said.
Trump has introduced $ 250 billion of Chinese imports to force Beijing concessions on the list of requirements that would change the terms of trade between the two countries. China has responded with import duties on US goods.
The $ 200 billion duty rate in Chinese goods will increase to 25 percent from 10 percent on January 1.
Trump has also threatened to introduce tariffs on all remaining Chinese imports, about $ 267 billion if Beijing fails to address US requirements.
Trump, who has made it clear, he values his relationship with Xi, and some members of his administration have been optimistic in the latest public statements about the possibility of a deal.
Another source that has been informed of the status of the United States-China negotiations said that the negotiations between the two sides of trade had not yet been in line with the more positive rhetoric.
The person said that China’s offer was “a rehash” of previous commitments formulated by Xi.
An alternative to an agreement, said the person, would be that Washington would stick to raising tariffs as opposed to some short-term measures by the Chinese while the two sides negotiate closer and long-term issues.
Trumps driving by Economic Advisor continues to provide different opinions about china
Peter Navarro, a trade advisor who has advocated harsh action against China, was officially invited this week by financial advisor Larry Kudlow to “freelance” with the latest comments calling on Wall Street not to disturb the problem.
Despite this, Navarro continued to play a role in trade policy discussions at the White House, the administration’s official said.
Report by Jeff Mason and Steve Holland in Washington; Further Reporting by David Lawder; Editing Simon Webb, Cynthia Osterman and James Dalgleish
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