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U.S. officials head to China for high-level trade talks next week - Beijing

07 January 2019
U.S. officials head to China for high-level trade talks next week - Beijing

Gao Feng, a spokesman for China's Commerce Ministry, said last week that the two sides have "made specific arrangements for face-to-face meetings" and are talking by phone. -China relations will force other US companies to cut their sales estimates in China.

Kevin Hassett, the current Chairman of the Council of Economic Advisers, has a position that makes him one of President Donald Trump's top economic advisors.

The New York Federal Reserve bank said in an analysis Friday that "higher import tariffs had immediate impacts on United States domestic prices", raising the consumer and producer prices by 0.3 percentage points higher than they would otherwise have been. On Thursday, privately held grains trader Cargill announced worse-than-expected results out of China. Yet those very pressures, analysts say, give the two countries a stronger incentive to make peace.

China has set a date for a new round of talks with the United States aimed at ending a trade war that is spooking global markets and hurting businesses. Beijing responded by imposing penalties on $110 billion of American goods, slowing down customs clearance for US companies and suspending issuance of licenses in finance and other industries.

The US team will be led by Deputy US Trade Representative Jeffrey Gerrish and will discuss "implementing the important consensus" reached by Trump and Chinese President Xi Jinping at the sidelines of the G20 summit in Argentina previous year, it said Friday. Fears are growing that the second-longest economic expansion in US history could slide to a halt next year or in 2020.

Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September. In December, factory activity shrank for the first time in more than two years. Auto sales tumbled 16 percent in November over a year earlier and weak real estate sales are forcing developers to cut prices.

After tariffs were placed on hundreds of billions of dollars worth of products between the U.S. and China, signs of threatened growth have emerged across the global economy.

USTR said the delegation will include USTR Chief Agricultural Negotiator Gregg Doud, USDA Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, Department of Commerce Under Secretary for International Trade Gilbert Kaplan, Department of Energy Assistant Secretary for Fossil Energy Steven Winberg, and Treasury's Under Secretary for International Affairs David Malpass.

"There are certainly compelling reasons for both sides to reach a deal and avoid further tariff increases", said Cutler, now vice-president at the Asia Society Policy Institute.

President Donald Trump said Friday he is confident Washington and Beijing will reach a deal to bring to a close the months-long trade dispute that has roiled global financial markets.