Top US officials to hold trade talks in Beijing next week
The subjects of next week’s discussions will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, and agriculture.
United States (US) trade representative Robert Lighthizer and treasury secretary Steven Mnuchin will head to Beijing next week for trade talks with China, the White House said in a statement.
The talks will begin on April 30, and on the Chinese side, vice-premier Liu He will lead the round of discussions.
The subjects of next week’s discussions will cover trade issues ‘including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases, and enforcement,’ the White House said.
The White House said a delegation from Beijing will travel to Washington on May 8.
Trade talks ‘end-game’ in sight
Both sides have been shuttling between each other’s countries for the past few months to negotiate on a hefty trade deal to calm a trade dispute that had spooked markets late last year. US president Donald Trump hit a total of US$250 billion worth of Chinese goods with tariffs in the second half of last year and China then retaliated by imposing duties on US$110 billion of US goods.
Both parties have been negotiating for a trade deal since, and Mr Trump delayed the increase in US$200 billion worth of Chinese goods on March 1 to provide more time for negotiations between the two countries.
Talks between the two sides faced a slight blip in March, after weeks of visibly positive progress between both countries, as a summit between Mr Trump and Chinese president Xi Jinping was postponed later-than-expected from March to April.
Early this month, executive vice-president for international affairs at the US Chamber of Commerce Myron Brilliant told reporters 90% of the trade deal is done, but ironing out the last 10% is the hardest part. ‘It’s the trickiest part and it will require trade-offs on both sides.’
Currency movements
Most major currencies weakened against the greenback on Wednesday as the US dollar strengthened on signs of progress from the US-Sino trade conflict and as traders returned with a spring in their step after the long Easter weekend break.
At around 10.30am Singapore time, the Euro eased to US$1.1211, while the Sterling dipped 0.05% to US$1.2932. The Aussie dollar weakened 0.88% to US$0.7039 from yesterday’s US$0.7095.
The greenback to Yen was muted in movement, with a 0.01% increase to ¥111.88.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
