US, China hold more trade talks overshadowed by Kim visit

US, China hold more trade talks overshadowed by Kim visit

Chinese and American officials began talks Monday aimed at ending a bruising trade battle between the world's two biggest economies as Beijing complained over the sighting of a US warship in what it said are Chinese waters. Over the past two days, talks have been under way between the U.S. and China to find a way to end the conflict. Ross told CNBC the talks were being held with appropriate-level staff and would help determine how the administration moves forward.

Meanwhile, confirming the conclusion of the trade talks, China's foreign ministry spokesman Lu Kang told a media briefing that "the extension of the talks indicates that both sides are serious about this consultation".

The US smartphone maker has felt the pinch of the bruising trade spat, and warned that 2018 revenues would miss its forecast - in large part due to a slump in iPhone sales in China. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based global order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods a year ago and has threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property to hacking.

Some observers argue the president is using the threat of tariffs to force China into negotiations, and that a deal can be done.

"As for whether the Chinese economy is good or not, I have already explained this". Officials said details will be released soon.

The US economy grew at an annual rate of 3.4 percent in the third quarter but surveys show consumer confidence weakening.

Liu, the chief economic adviser to Chinese President Xi Jinping, made brief remarks at the negotiations, a person familiar with the meeting said.

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Beijing has tried to defuse pressure from its trading partners for more sweeping changes by offering concessions on investment regulations and stepping up purchases of American soybeans, natural gas and other exports.

U.S. companies also want action on Chinese policies they complain improperly favor local companies.

"The positive news around the trade talks is giving a boost to risk assets - it's what the global economy needs to see", said Chris Scicluna, head of economic research at Daiwa Capital Markets in London.

The U.S. delegation includes under secretaries from the U.S. departments of agriculture, commerce, energy and treasury, as well as senior officials from the White House. Liu led a previous round of talks in Washington a year ago that ended in failure, and he's expected to meet chief US negotiator Robert Lighthizer later this month.

Despite rising hopes of progress toward a deal, the outcome wasn't immediately clear.

The talks were the first face-to-face meeting between the two sides since their leaders met on December 1.

Key decisions on some of the tougher issues are expected to be left for future rounds of talks, such as U.S. complaints that Beijing's policies force American companies to hand over technology and unfairly boost Chinese firms with subsidies. There are concerns that US growth, 3.4 percent in the third quarter, is also slowing even as the country's unemployment rate remains almost at a five-decade low.

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