China open to partial trade deal despite tech blacklist

A trader works as a screen shows market data behind him at CMC markets in London Britain. Simon Dawson Reuters  file

A trader works as a screen shows market data behind him at CMC markets in London Britain. Simon Dawson Reuters file

While Beijing theoretically wants to end the trade war, Chinese Communist Party officials are not optimistic about the size or scope of any agreement with Washington in the short term, the Chinese officials told Reuters. Led by Chinese Vice Premier Liu He and U.S. trade representative Robert Lighthizer, the meetings have been a source of anxiety for investors.

Although some media reports suggested both sides are considering an "interim" deal that would suspend planned further USA tariffs in exchange for additional purchases of American farm products, Trump has repeatedly dismissed this idea, insisting that he wants a "big deal" with Beijing that addresses core intellectual property issues.

Markets also rallied after Bloomberg reported the Trump administration was considering whether to revive a previously inked currency deal with Beijing, part of a larger pact which could see scheduled tariff hikes put on pause.

On Thursday and Friday, Beijing and Washington are set to engage in the next round of trade talks led by Vice-Premier Liu He on the Chinese side and Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin on the United States side.

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

Some observers expect the United States and China will reach a partial agreement on some issues.

The first minister-level meetings between the two countries in more than two months is set to begin on Thursday.

The talks are expected to be held just days before Washington's planned increase of trade tariffs on $250 billion worth of Chinese goods, from 25 percent to 30 percent on 15 October.

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