China made no progress in deputy-level trade talks: SCMP

Fox reports that yes,Chinese Trade Team will leave after one day of talks on Thursday

Fox reports that yes,Chinese Trade Team will leave after one day of talks on Thursday

But the lower-level talks failed to make progress on key issues, with the Chinese delegation refusing to broach the hot-button issue of forced technology transfers, unnamed sources told the South China Morning Post (SCMP).

American negotiators led by Ambassador Robert Lighthizer, the U.S. trade representative, and Treasury Secretary Steven Mnuchin are entering this week's trade talks with low expectations for major progress on reaching a comprehensive deal months after negotiations broke down in May, according to two officials familiar with the situation.

Separately, Liu said Beijing was willing to reach an agreement with Washington to prevent any further escalation in the trade war, Chinese state news agency Xinhua reported.

Equity markets have also been rankled by weak economic indicators showing a sharp contraction in USA manufacturing and a bleak reading on business activity, bolstering bets of another interest rate cut by the Federal Reserve to combat a slowdown.

Dow futures fell by 300 points nearly immediately, with futures on the S&P and the Nasdaq Composite each taking a 1 percent hit.

Reports the United States is weighing a currency pact with China that could also see a planned tariff hike next week being suspended fueled a rally in risky assets, though trading remained volatile as negotiations got underway. The happier news pared some of the losses on United States and Asian markets alike.

But Bloomberg News is reporting that the White House is thinking about proposing a previously agreed-on currency pact.

Some observers expect the U.S. and China will reach a partial agreement on some issues.

Notwithstanding the SCMP report, by all indications the talks are set to continue in Washington on Thursday and Friday, when higher level meetings will reportedly take place.

"In my opinion China wants to make a deal more than I do", he said.

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