US, China wrap up trade talks in Beijing

USS Mc Campbell departs Sydney Aus. July 2017

Ministry spokesman Lu Kang said Monday that Chinese military aircraft and naval vessels were dispatched to identify the USA vessel and warn it to leave the area near disputed islands in the South China Sea.

The greenback was down almost 0.2 percent against the euro at $1.1560. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade.

These were the first direct talks between US and Chinese officials since Presidents Donald Trump and Xi Jinping met in December in Argentina and agreed to a 90-day truce in their trade war.

Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports.

Both sides imposed heavy tariffs on each others' exports previous year after Trump complained about China's theft of US technology and pressure on USA companies doing business there to hand over such information.

While there were indications that China would be open to buying more U.S. agricultural and energy products and allowing market access, demands for Chinese structural reforms to halt forced technology transfers and intellectual property theft were greater hurdles in the discussions, people familiar with the talks said.

But U.S. indexes posted modest gains. Trump tweeted on Tuesday.

A multi-day rally in risk assets continued overnight after minutes from the Fed's December meeting showed a range of Fed policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month. These include expanded Chinese purchases of American products, greater protections for U.S. intellectual property, constraints on Chinese industrial policy, and enforcement and verification of follow-through by China.

Beijing has offered concessions on investment regulations and stepping up purchases of American soybeans, natural gas and other exports, seeking to defuse complaints from the US and other trading partners.

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Without a resolution, punitive United States duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

Beijing has said it will not give up ground on issues that it perceives as core.

USA companies also want action on Chinese policies they complain improperly favor local companies. The issues at play have soured the wider U.S.

The talk has enhanced mutual understanding and laid a foundation for addressing each other's concerns, it said.

The standoff also reflects American anxiety about China's rise as a potential competitor in telecommunications and other technology. The 28-nation trade bloc filed its own challenge in the World Trade Organization in June against Chinese licensing rules it said hamper the ability of foreign companies to protect and profit from their technology.

Companies, disappointed that Beijing hasn't kept past commitments, also want any deal to ensure that China faces "some kind of penalty for not doing what they promised", Parker said.

For its part, Beijing is unhappy with USA export and investment curbs, such as controls on "dual use" technology with possible military applications. "There are also reports of new initiatives by China to boost spending and that's desirable from the perspective of Chinese and global growth".

The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish.

The US delegation included representatives from the departments of energy, agriculture, treasury and commerce.

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