Quiet business negotiations between China, US: report

China and the United States have begun behind-the-scenes negotiations to improve American access to the Chinese domestic market, the Wall Street Journal said Sunday.

News of the talks follow days rife with tension, raising the specter of a trade war between the world's top economies.

The daily paper said the discussions -- led by China's economic "czar" Liu He, US Treasury Secretary Steve Mnuchin and US trade representative Robert Lighthizer -- cover topics including manufacturing and financial services, citing anonymous sources close to the issue.

US President Donald Trump recently announced the United States would impose new tariffs on some $60 billion of Chinese imports, news that rattled global financial markets.

China responded by unveiling a list of 128 products it would hit with customs duties in the event that talks failed.

Mnuchin and Lighthizer sent Liu a letter last week spelling out requests including greater US access to China's financial sector, the reduction of Chinese tariffs on US vehicles and for China to increase its US semiconductor purchases.

The WSJ said Mnuchin is also considering a Beijing trip to continue the talks.

Speaking on Fox News Sunday, the US treasury secretary said "we're working on a pathway to see if we can reach an agreement as to what fair trade is for them."

"I am cautiously hopeful we reach an agreement, but if not we are proceeding with these tariffs."

China urges US to 'stop economic intimidation' over tariffs
Beijing (AFP) March 26, 2018 - China on Monday lashed out at US "economic intimidation" following President Donald Trump's announcement of new import tariffs, but said it was open to negotiations to resolve trade frictions.

The two countries have traded threats and heated rhetoric in recent days, ratcheting up fears that the world's two biggest economies are heading towards a damaging trade war.

Trump said last Thursday that the United States would impose new tariffs on some $60 billion of Chinese imports over the "theft" of intellectual property, rattling global financial markets.

Vice President Mike Pence boasted the measures mean that the "era of economic surrender is over".

Asked about the remarks, Chinese foreign ministry spokeswoman Hua Chunying told a press briefing on Monday that "it would have been more appropriate to say that it's time to stop the US's economic intimidation and hegemony".

Beijing has not stood idle. On Friday, it unveiled a list of $3 billion worth of US goods, including pork, fruits and wine, that could be targeted with tariffs in retaliation for steel and aluminium tariffs -- if negotiations fail.

"We also have the confidence and the capacity to safeguard our legitimate and legal interests, whatever the circumstances," Hua said. "Now the ball is in the US court."

- Trade negotiations -

While the two sides have traded barbs in public, US and Chinese officials have begun behind-the-scenes negotiations to improve American access to the Asian country's huge market, according to the Wall Street Journal.

"We keep saying that the Chinese side is willing to negotiate with the US to properly manage divergences, on the basis of mutual respect and equal mutual benefits," Hua said when asked about the report.

"Our door is always wide open to dialogue and consultation."

The Wall Street Journal said the discussions -- led by China's economic "czar" Liu He, US Treasury Secretary Steve Mnuchin and US trade representative Robert Lighthizer -- cover topics including manufacturing and financial services, citing anonymous sources close to the issue.

Speaking on Fox News Sunday, the US treasury secretary said "we're working on a pathway to see if we can reach an agreement as to what fair trade is for them."

"I am cautiously hopeful we reach an agreement, but if not we are proceeding with these tariffs."

China's official Xinhua news agency said at the weekend that Liu, a Xi aide who was promoted to the post of vice premier earlier this month, told Mnuchin on Saturday that Beijing was "ready to defend its national interests", but both "agreed to continue to communicate".

China is not the only country facing Trump's ire over trade.

Trump on Thursday authorised the suspension of the controversial tariffs on steel and aluminium imports from key trade partners including the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea -- but only until May 1.

Seoul, a major US ally in Asia, said on Monday that it has agreed to concessions with the United States to escape the steel duties and to secure a revised trade deal that Trump has repeatedly threatened to tear up.

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US unafraid of trade war, will proceed with China tariffs: Mnuchin
Washington (AFP) March 25, 2018
US Treasury Secretary Steve Mnuchin on Sunday insisted President Trump intends to implement $60 billion in tariffs on Chinese imports, saying the measures will benefit the economy long-term. Speaking on "Fox News Sunday," Mnuchin said unless a deal is reached with China, Trump will implement the tariffs targeting sectors in which Washington says Beijing has stolen American technology. "We are going to proceed with our tariffs. We are working on that," he said. China warned the US on Friday t ... read more