Chances for US-China trade breakthrough seen slim in Beijing talks

Trump Trade War- US likely to extend steel and aluminum tariff exemptions- Report

Trump Trade War- US likely to extend steel and aluminum tariff exemptions- Report

Chinese Vice Premier Liu He, also a member of the Political Bureau of the Communist Party of China Central Committee, held candid, efficient and constructive talks with the US delegation led by USA president's special envoy and Treasury Secretary Steven Mnuchin, on economic and trade issues of common concern.

The discussions mark a potential off ramp for the trade conflict that could dent humming global economic growth.

"In the event of a trade war, we have a much greater ability to endure (the consequences) than the USA", the Chinese official said.

American Treasury Secretary Steven Mnuchin who is leading the U.S. delegates, told the media on Friday morning that the two sides were having "very good conversations", AFP reported.

But the administration's China hawks, Lighthizer and White House trade and manufacturing adviser Peter Navarro, are likely to favor a harder line demanding more fundamental trade changes, even if it means tariffs and short-term economic pain.

The first day of talks passed without any official word of what was discussed in the closed-door meetings.

The US has given China a "detailed list of asks", he said, adding that Washington wants Beijing to lower tariffs to match the American level.

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On the Chinese side, Vice Premier in charge of the economy Liu He is leading the delegation.

Chinese President Xi Jinping (front, centre) delivers his speech during an anniversary event celebrating he 200th year of the birth of Karl Marx at the Great Hall of the People in Beijing.

Chinese foreign ministry spokeswoman Hua Chunying earlier said the talks had begun, but she had no information on them.

"Let us hope that the USA delegation has come with the willingness to talk sincerely rather than with the design to cause injury".

USA -based trade experts said they expected Beijing to offer Trump's team a package of policy changes that may include some previously announced moves, such as a phase-out of joint venture requirements for some sectors, autos tariff reductions and increased purchases of US goods.

"They're buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the US", Bunge said in the interview with Bloomberg News on Wednesday.

"China has been successful in managing U.S. relations for the past 20 years, but this creates a presumption in Chinese minds that what they have done over the past 20 years will continue to work".

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