US and China launch high level trade talks

The US and China have opened high level trade talks on Wednesday, in a bid to ease trade tensions

US and China launch high level trade talks Source: Bloomberg

US and Chinese officials have begun high-level trade talks in Washington on Wednesday, in an attempt to resolve trade tensions between the two nations.

Both the US and China have set out their demands, the US is seeking protection for American intellectual property rights while intending on balancing the trade imbalance. While China says it is working on a new law that won’t allow forced technology transfers.

The two countries have until March 2 to reach a deal, with president Donald Trump threatening to hike US tariffs on $200 billion worth of Chinese goods if a deal isn't reached.

Chinese vice premier Liu He met with US trade representatives including, Robert Lighthizer in Washington to begin the talks, aiming to ease tensions over the ongoing tariff war.

Trade war talks progress behind closed doors

The closed-door meeting is expected to be tense with representatives remaining tight-lipped about the details, however, it has been indicated that Chinese officials are willing to address core US demands.

The US also seeks to end policies that force US companies to transfer technology to Chinese firms, in light of recent accusations of Chinese cyber theft of US trade secrets.

This comes shortly after Trump threatened to put new tariffs on Chinese goods shipped to the US, with China retaliating with tariffs of its own. However, Chinese officials deny that their policies force technology transfers.

The Trump administration has said for trade talks to progress, there would need to be an agreement on mechanisms, which could maintain threats of US tariffs on Chinese goods in the long-term.

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