U.S. hopes to re-launch China trade talks, will not accept conditions on tariffs
By Jeff Mason WASHINGTON (Reuters) - The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday but Washington will not accept any conditions on tariffs, a senior administration official said on Tuesday.
By Jeff Mason
WASHINGTON (Reuters) - The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday but Washington will not accept any conditions on tariffs, a senior administration official said on Tuesday.
The two sides could agree not to impose new tariffs as a goodwill gesture to get negotiations going, the official said, but it was unclear if that would happen.
The United States was not willing to come to the Xi meeting with concessions, said the official, who spoke on the condition of anonymity.
The remarks set up what could prove to be a tricky meeting between Trump and Xi, who will sit down together at the Group of 20 summit meeting in Osaka, the first time they have done so since trade talks between the world's two largest economies broke down in May.
Chinese Vice Premier Liu He, who has led trade talks for Beijing, spoke on the phone with his counterparts, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on Monday, according to China's Ministry of Commerce. The three men are helping to pave the way for talks between the leaders later this week.
Expectations for that meeting so far appear to be low, with the best-case scenario a resumption of official talks that could ease fears in financial markets that the already long trade dispute would continue indefinitely.
China said on Monday that both sides should make compromises in the trade talks and that a trade deal has to be beneficial for both countries.
Trump advisers have said no broad trade deal is expected to be made at the meeting but they hope to create a path forward for talks. Once negotiations resume, they could take months or even years to complete, the senior Trump administration official said.
Washington has imposed 25% tariffs on $250 billion of Chinese goods, ranging from semi-conductors to furniture, that are imported to the United States, as part of the trade war.
Trump has threatened to put tariffs on $325 billion more of goods, covering nearly all the remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing.
A resumption of negotiations could put that threat on hold, at least for now. But neither side has shown a great appetite for changing positions, despite a willingness to meet.
"I think if they go with the tariffs, the trade talks are dead. Period," said one person familiar with the talks.
The United States has made clear it wants China to go back to the position it held in a draft trade agreement that was nearly completed before Beijing balked at some of its terms, particularly requirements to change its laws on some issues.
Beijing wants the United States to lift tariffs, while Washington wants China to change a series of practices including on intellectual property and requirements that U.S. companies share their technology with Chinese companies in order to do business there.
The president has spoken optimistically about the chances of a deal. The administration official said rounds of meetings between top trade officials from both countries likely would begin again after the G20 summit.
He noted that although the vice premier still led China's trade delegation, new names had been added to the list who could be hard-liners.
The official said Trump and Xi were unlikely to get into the fine details of the draft trade pact, although the case of Chinese tech giant Huawei Technologies Co may come up during talks.
Pressure on Huawei, which the U.S. government has labeled a security threat, has increased in recent days.
About a dozen rural U.S. telecom carriers that depend on Huawei for network gear are in discussions with its biggest rivals, Ericsson and Nokia, to replace their Chinese equipment, sources familiar with the matter said.
And the U.S.-based research arm of Huawei - Futurewei Technologies Inc - has moved to separate its operations from its corporate parent since the U.S government in May put Huawei on a trade blacklist, according to two people familiar with the matter.
Trump has indicated a willingness to include the Huawei issue in a trade deal, despite the national security implications cited by his advisers about the company.
Meanwhile, U.S. parcel delivery firm FedEx Corp on Monday sued the U.S. government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese companies.
FedEx reignited Chinese ire over its business practices when a package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an "operational error."
(Reporting by Jeff Mason; additional reporting by Alexandra Alper, Jane Lanhee Lee, Tarmo Vikri, Andrew Galbraith and Angela Moon; editing by Grant McCool)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases. Early in the day crude was boosted by a bullish stock market. Even as equities whipsawed on pandemic worries, oil stayed higher, buoyed by expectations that OPEC could staunch a supply glut
By Tina Bellon and C Nivedita (Reuters) - Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet https://bit.ly/2H0JCP0 on Wednesday. The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.
By Jeff Mason DES MOINES, Iowa (Reuters) - Under siege over his handling of the novel coronavirus pandemic, President Donald Trump on Wednesday cited what he said was his son's mild bout of the virus as a reason why American schools should reopen as soon as possible. Trump made the comment about his son, Barron, as the president swept into Iowa on a mission to shore up support in battleground states that he won in 2016 but is in danger of losing to Democrat Joe Biden barely three weeks before the election. First lady Melania Trump announced in a statement earlier in the day that the virus that struck both her and her husband had also infected their 14-year-old son