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Chinese trade deal ‘unacceptable’ unless Beijing opens markets, says Trump

Chinese trade deal ‘unacceptable’ unless Beijing opens markets, says Trump

USA and Chinese negotiators on Wednesday started two days of talks to try and defuse a trade war that's hurt the world's two biggest economies, spooked investors and chilled global economic growth.

Chinese Vice Premier Liu He is scheduled to meet with Trump today as pivotal trade talks conclude in Washington.

The United States has accused China of hiding some trade-distorting subsidy programs from global scrutiny while disclosing others it does not need to, according to a document circulated on Wednesday at the World Trade Organization.

If the two sides can not reach an agreement by 1 March, the United States has said it will increase the tariff rate from 10% to 25% on Chinese goods worth an estimated $200bn. "No final deal will be made until my friend President Xi, and I, meet in the near future to discuss and agree on some of the long standing and more hard points". -China trade talks. Reuters reported that groups, such as the U.S.

They will meet with the US Trade Representative Robert Lighthizer and White House trade advisor Peter Navarro.

While the administration says its prosecution of Huawei is not related to the trade talks, the case illustrates what authorities have described as a long-standing problem in China.

The White House announced earlier this month that Trump plans to meet in late February with North Korean leader Kim Jong Un.

Stocks in Asia and Europe advanced on Thursday, following gains in the U.S. on Wednesday. Meanwhile, tariffs from both countries are seeping into results from many USA companies that do business in China.

"The United States is the world's top power in terms of technology, we acknowledge that", Geng said.




'We would like to make a deal but it has to be a deal that will work for both parties, ' he said.

By declaring that "NOTHING" would be left unresolved he also set a high bar for what could be accomplished in the next month before a March 1 deadline when tariffs on $200 billion in Chinese imports are set to more than double.

Administration officials and other people familiar with the state of play say the two sides remain far apart on key issues, with the U.S. side still engaged in an internal debate over how to proceed and ill-prepared for this week's meetings.

Complicating matters is the Justice Department's move this week to press criminal charges Chinese tech giant Huawei. Treasury Secretary Steven Mnuchin declared the trade war "on hold" after China had agreed to step up its purchases of USA goods, especially in agriculture and energy, and narrow America's huge trade deficit with China.

And he has emerged as the USA strongman in the ongoing trade negotiations, determined to force changes in Beijing's economic policies.

For the American business community, there have been little signs that thorny issues affecting them have been addressed.

Another longstanding concern with Chinese laws is the breadth and scope of the national security review, the US Chamber of Commerce, AmCham China and AmCham Shanghai said in comments submitted on the bill.

"Let me just remind people, we do have another 30 days after this so my expectation is we'll make significant progress at these meetings, but I would just emphasize these are complicated issues", Mr Mnuchin said.

There were also questions about whether imported cars were eligible for tax breaks and scrappage schemes and whether imported goods were eligible for a Chinese fund for promoting energy saving products.

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