Trump to Wade Into China Trade Talks This Week as Deadline Looms

Investors look ahead to a week of crucial events including high-level trade talks between China and US

Investors look ahead to a week of crucial events including high-level trade talks between China and US

Mr Liu is China's representative to lead the talks with the USA and is known to be a top economic counsellor to China's President Xi Jinping.

China and the United States have been engaged in a trade war since Trump announced in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit.

In a December 1 summit in Buenos Aires, U.S. President Donald Trump and Chinese President Xi Jinping agreed that the two countries would refrain from imposing further tariffs on each other's imports for 90 days while trying to complete trade talks.

China's negotiating team includes central bank chief Yi Gang, Vice Finance Minister Liao Min and Vice Foreign Minister Zheng Zeguang, among other high level officials, official state news agency Xinhua reported.

But before the meetings even start, any expectation for big progress was complicated by growing tension between the two countries over Huawei Technologies Co.

While the fact that the sides are talking is a positive, USA officials said they don't see an agreement by the end of the negotiations this week.

China has been broadly affected by the weakened trade as it copes with slowing domestic demand.

One of the key issues at the trade negotiations will be enforcement of China's agreements, Mnuchin told reporters during a White House briefing Monday.

The need to make any agreement enforceable was "obvious", he said. "The details of how we do that are very complicated".

Washington has made its demands clear: China must agree to far-reaching "structural" reforms in its trade practices, curbing massive state intervention in markets and the alleged theft of American technological know-how, including through hacking and the forced transfer of intellectual property.

Trump is expected to meet with Chinese Vice Premier Liu He, a top adviser of President Xi Jinping, Mnuchin said.

US President Donald Trump will meet with China's trade envoy this week during talks aimed at resolving the trade dispute with Beijing, US Treasury Secretary Steven Mnuchin said yesterday.

Liu will be trying to hammer out a deal with US Trade Representative Robert Lighthizer and Commerce Secretary Wilbur Ross.

While Trump has made the soaring US$336 billion (RM1.38 trillion) U.S. trade deficit with China a particular focus of his ire, American officials also are demanding far-reaching reforms to Chinese industrial policy to curb the alleged theft of American technological know-how and massive state intervention in commodities markets. The two sides will discuss "structural changes" to China's economic system, as well as Chinese pledges to buy more USA goods and services, according to the White House.

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