US and China seeking to revive trade talks: Trump adviser Sum Obist lique

In this file photo taken on August 6, 2019 White House economic adviser Larry Kudlow speaks to the media on the driveway of the White House in Washington, DC. (AFP)
Updated 19 August 2019

US and China seeking to revive trade talks: Trump adviser Sum Obist lique

  • The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached

BUENOS AIRES: Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump’s chief economic adviser said Sunday.
If teleconferences between both sides’ deputies pan out in the next 10 days “and we can have a substantive renewal of negotiations,” Larry Kudlow said on Fox News Sunday, “then we are planning to have China come to the US and meet with our principals to continue the negotiations.”
That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July.
But Kudlow emphasized that phone conversations held last week to follow up on the Shanghai talks — involving Lighthizer, Mnuchin and two senior Chinese negotiators, Vice Premier Liu He and Commerce Secretary Zhong Shan — were “a lot more positive than has been reported in the media.”
World financial markets have been on edge amid a series of signs pointing to a serious slowing of the global economy — notably because of the trade war between the world’s two largest economies — and have been reacting strongly to even the slightest new indicator.

BACKGROUND

• The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached.

• During the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments.

The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached.
But during the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments.
The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping.
But markets were hit with a fresh surprise when Trump suddenly announced that as of Sept. 1 he was imposing punitive 10-percent tariffs on $300 billion in Chinese goods that had so far been spared.
And then came the announcement from the White House that Trump — already campaigning for re-election in 2020 — had decided to delay imposing the tariffs until Dec. 15 so as not to cast a shadow on the Christmas shopping plans of Americans.


Japanese officials cautious on prospects for US trade deal

Updated 17 September 2019

Japanese officials cautious on prospects for US trade deal

  • A long-sought trade pact with Japan was scrapped when Donald Trump withdrew the US from a pan-Pacific trade agreement shortly after taking office in 2017
  • Trump said he preferred that Washington and Tokyo strike a bilateral deal

TOKYO: Officials in Japan appeared wary over the prospects for a trade deal with the US after President Donald Trump said he was prepared to sign a pact soon.
Japan’s chief government spokesman, Yoshihide Suga, said Tuesday that the two sides are still finalizing details after reaching a basic agreement in late August on trade in farm products, digital trade and other industries.
Suga said Trump and Prime Minister Shinzo Abe are considering signing a deal in late September when they attend the UN General Assembly in New York.
“We are accelerating the work that still remains,” he said. “But I decline to comment further because we have not reached a formal agreement.”
Trump’s notice to Congress, released by the White House on Monday, did not mention tariffs on autos and parts, long a sticking point between the two countries.
It said his administration was looking forward to collaborating with lawmakers on a deal that would result in “more fair and reciprocal trade” between the two countries.
Toshimitsu Motegi, who became foreign minister last week after negotiating the deal as economy minister, said Japan must watch carefully to prevent Washington from forcing any last-minute changes, Kyodo News agency reported.
The agricultural minister, Taku Eto, cautioned against letting down Tokyo’s guard until the final agreement is reached, it said.
A long-sought trade agreement with Japan was scrapped when Trump withdrew the US from a pan-Pacific trade agreement shortly after taking office in 2017.
Japan and the other 10 remaining members of the trade pact, the Trans-Pacific Partnership, then renegotiated their own deal without the US
Trump said he preferred that Washington and Tokyo strike a bilateral deal.
That resurrected the longtime issue of tariffs on Japanese car and auto parts exports to the US and of stiffer duties on US exports of farm and other products to Japan.