US wants to make 'meaningful progress' in China trade talks

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Despite assurances by Trump and White House trade adviser Peter Navarro that China is paying "the full burden" of these tariffs, US businesses are paying the highest tariffs in history, and that painful financial reality will only get worse if Trump follows through on his threats of further tariffs.

"There are still many uncertainties in the coming trade talks", she said, adding: "An exemption list of just 16 items will not change China's stance".

Earlier in the day in Beijing, Commerce Ministry spokesman Gao Feng said Chinese firms have started to inquire about prices for US farm goods.

"According to my understanding, Chinese firms have started to inquire about prices for US agricultural goods". But the idea is that the deal would include IP commitments that China had agreed to in negotiations in the spring before talks broke down, leading to a summer of escalation. White House officials have repeatedly said they were 90 percent of the way to securing a deal. The Tariff Commission said that additional lists of waivers will be announced in the future, reported Chinese news agency Xinhua.

The world's largest economies have been locked in a bruising trade fight for the past year that has hurt businesses and weighed on the global economy. Before the meeting in Washington, Gao said there will be a deputy level meeting to lay the ground work for the talks between Liu and his American counterparts led by US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.

Analysts noted that the list of exemptions did not include soybeans or pork, two major US exports. USA soybean sales to China in 2018 dropped 74% from the previous year to a 16-year low. The Organisation for Economic Co-operation and Development forecasts that the trade war could cost global GDP $600bn in 2021/22.

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China scraps some US tariffs ahead of trade talks

'It is hoped that the US will be true to its words and fulfill its promise to create favorable conditions for cooperation in agricultural areas between the two countries, ' the report said.

What makes the situation even more unpredictable is that since the trade talks started between the USA and China in February previous year, there have been 12 rounds of consultations, and the United States has backtracked on its commitments six times.

On the other hand, he stated Trump is willing to continue raising tariffs on imports of Chinese goods as part of Washington's pressures.

The world's two biggest economies are fighting over Beijing's ambitions to make China a world leader in advanced technologies such as artificial intelligence and robotics. "I think it was a gesture, OK, I think it was a good move".

He said the delay had been requested by China, and also follows a move by Beijing to scrap some United States tariffs.

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