Trump says China woes help U.S. in trade talks, downplays Apple warning

Trump says China woes help U.S. in trade talks, downplays Apple warning

Trump says China woes help U.S. in trade talks, downplays Apple warning

China and the United States will hold vice ministerial-level trade talks in Beijing on January 7-8, as the two sides look to end a dispute that is inflicting increasing pain on both economies and roiling global financial markets.

Beijing on Friday cut bank reserve requirements for a fifth time this year amid slowing growth at home and the punishing US tariffs on exports. USA officials have said that if the talks fail to produce a satisfactory agreement Washington will increase tariffs on $200 billion of Chinese goods from 10 percent to 25 percent.

It said the American delegation will be led by the deputy USA trade representative, Jeffrey Gerrish, but offered no other details.

The office of the United States Trade Representative also released a statement Friday announcing the delegation that would be representing the US.

China on Friday confirmed that a vice ministerial level delegation from the United States will visit Beijing next week for "proactive and constructive talks" to flesh out agreements reached between President Xi Jinping and U.S. counterpart Donald Trump in Argentina last month. Meanwhile, data released at the end of 2018 showed that manufacturing in China unexpectedly declined in December, for the first time in two and a half years. This action was in line with Mr. Trump's election promises that he will make trade fair with its trade partners and blaming China for making manufacturers in America less competitive. "Can they compromise? We'll see". There are fears of both sides hiking tariffs if no deal is reached.

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Since the agreement there have been tentative signs that China is ready to make concessions to the U.S. in order to lessen the impact of the trade war on its economy, with the Wall Street Journal reporting in December that Beijing is preparing to replace its Made in China 2025 plan with a new economic blueprint that would aim for increased access to China for foreign companies.

Back in Argentina, the two leaders agreed a 90-day truce on new tariffs, which is set to expire on March 1. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week.

The Commerce Ministry confirmed that Gerrish would lead the USA delegation at the talks.

Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report.

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