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11 Oct 2019
2 min read

China And The US Still To Agree On Key Trade Points

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Written by OspreyFX News Team

China and the US Still to Agree on Key Points as the Trade War Continues

The trade war between China and the United States is entering a critical phase, surrounded by so many conflicting rumors and information that people don’t know what to believe anymore. The news came at the start of the Asian session on Thursday as the South China Morning Post quoted sources who stated that both sides had failed to advance talks between second-level officials.

The SCMP stated that in the talks held between Monday and Tuesday, no agreements were reached on key points. However, it was not specified exactly what those key points were. The Chinese delegation, headed by Deputy Prime Minister, Liu He, might also plan to leave Washington before Friday, after holding meetings between ministers.

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US Denies Information by South China Morning Post

The United States has already made moves to try and deny the information outlined by the Hong Kong-based newspaper. US President Donald Trump tweeted that he’ll meet with Liu He and that China wanted to reach an agreement. However, he also failed to say if that was what he wanted. This meeting will be held on Friday, which, in part, would deny the SCMP information.

The paper also reported that the United States Trade Representative, Robert Lighthizer, and the Secretary of the Treasury, Steven Mnuchin, will participate in the Chinese talks. Meanwhile, Trump is preparing to hike tariffs on Chinese products next Tuesday, totalling $250,000 million, from 25 to 30%.

Analysts, consulted by various global press agencies, believe that the talks between China and the US could end in a stalemate. A Chinese official also affirmed in a quote provided by Reuters: “It is not an easy task. It requires a lot of preparation and consensus from both parties,” said the anonymous source.

Other sources from China have been emphatic in saying that, to reach substantial trade agreements, more time is required. Meanwhile, the US Department of Commerce blacklisted the video surveillance company, Hikvision, along with 27 other Chinese firms. This confirms that the US is preparing for a worst-case scenario, regardless of the concessions that China has given.

artifical intelligence and US

Washington previously banned the artificial intelligence and technology companies of the nation from doing business with US companies. There were also accusations of violating the human rights of Muslim minorities in Xinjiang Province. The Chinese government has responded by saying that such a measure clearly interferes with the sovereignty of the country.