China-US set to talk with global economy facing trade crucible

China is set to end high-level trade talks with US early - SCMP

China is set to end high-level trade talks with US early - SCMP

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.

White House officials soon responded to the report, however, dismissing any rumors that Liu had plans to leave Washington early and assuaging some of the fears.

Without significant progress during the talks, US President Donald Trump is set to hike the tariff rate on US$250 billion worth of Chinese goods to 30 per cent from 25 per cent next Tuesday.

The report cites an official with direct knowledge of talks, saying that China is still open to agreeing a partial trade deal with the United States despite the events that has transpired this week.

But the atmosphere surrounding the talks was soured by the U.S. Commerce Department's decision on Monday to blacklist 28 Chinese public security bureaus, technology and surveillance firms, citing human rights violations of Muslim minority groups in China's Xinjiang province.

If negotiations break down again, by December 15, almost all Chinese goods imports into the United States - more than $500 billion - could be subject to punitive tariffs in the dispute that erupted during U.S. President Donald Trump's time in office.

A so-called currency pact which Washington reportedly said had been agreed to earlier this year before the trade negotiations started will potentially be the first stage of an anticipated deal with Beijing.

China refused to talk about forced technology transfer and also skirted the issue of state subsidies during the deputy-level meetings, SCMP said, citing a source with knowledge of the meetings. "If we can make a deal, we're going to make a deal, there's a really good chance", said Trump.

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