Miners seize on nugget from trade talks

Chinese state broadcaster CCTV said the latest round of trade discussions yielded “new progress,” without elaborating. — AFP  File

Chinese state broadcaster CCTV said the latest round of trade discussions yielded “new progress,” without elaborating. — AFP File

"@USTradeRep and I concluded constructive trade talks in Beijing", Mnuchin said on Twitter.

"Last-minute window dressing and the prospect of the trade war ending in the very near term is giving a boost to investor confidence, and in turn, we're closing the quarter with some pretty good gains", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

Mnuchin said in a tweet Friday that he looked forward to continuing the talks in Washington next week.

China and the United States are expected to hold discussions aimed at the trade deal next week in Washington DC, US treasury secretary Steven Mnuchin has announced on Friday. China has made overtures in its talks with the USA that precedes its earlier mandate as the two sides try and overcome problemsin their proposed trade wars inclusive of forced technology transfers, US officials said on Wednesday.

The talks are set to resume next week in Washington with a Chinese delegation led by Vice Premier Liu He.

Trump's demands include an end to Beijing practices that Washington says result in systematic theft of USA intellectual property and the forced transfer of American technology to Chinese companies.

The burst of diplomacy suggests both sides remain determined to reach an agreement that would avoid any escalation of a trade war that has seen them impose duties on US$360 billion of each others' imports.

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The two negotiating teams, including China's central bank chief Yi Gang, posed for pictures in front of Chinese and American flags at the conclusion of the latest round of talks, but they did not make statements to the media. "We're not going to give up our leverage", Mr Kudlow said.

Trump's economic policy adviser Larry Kudlow and Chinese Commerce Ministry spokesperson Gao Feng indicated that the negotiations were unlikely to be finalized in Washington next week.

Trump also raised another potential obstacle last week, saying he wants to keep in place 25-percent taxes on $50 billion of Chinese goods imposed past year.

"It doesn't necessarily mean that all the tariffs will be kept in place, some of the tariffs will be kept there", he told Bloomberg TV. Again, when Bob Lighthizer comes back, he will illuminate all of us on that.

USA and Chinese negotiators are working to find a binding agreement to address President Donald Trump's complaints about years of unfair treatment of USA companies by China, which would allow a rollback of the tariffs hitting businesses in both countries. The finding, handed over to Trump in February, have been kept private. Under the so-called Section 232 trade law invoked for the probe, Trump has 90 days from receiving the report to respond, but there's ways for him to extend that period for further review.

The pact "has got to be right for the US., whatever the timetable is", Kudlow said.

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