Posted on Feb 21, 2019
Officials from the United States and China are meeting in Washington D.C. to outline commitments in principle in an effort to resolve their ongoing trade dispute, potentially marking the most significant progress yet towards ending a seven-month trade war, according to sources cited by Reuters.
The world’s two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars of goods, slowing global economic growth, skewing supply chains and disrupting manufacturing.
As officials hold high level talks on Thursday and Friday in Washington, they remain far apart on demands made by U.S. President Donald Trump’s administration for structural changes to China’s economy.
But the broad outline of what could make up a deal is beginning to emerge from the talks, the sources said, as the two sides push for an agreement by March 1. That marks the end of a 90-day truce that Trump and Chinese President Xi Jinping agreed to when they met in Argentina late last year.
Negotiators are drawing up six memorandums of understanding on structural issues: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade, according to two sources familiar with the progress of the talks.
At meetings between U.S. and Chinese officials last week in Beijing the two sides traded texts and worked on outlining obligations on paper, according to one of the sources.
The process has become a real trade negotiation, the source said, so much so that at the end of the week the participants considered staying in Beijing to keep working. Instead they agreed to take a few days off and reconvene in Washington.
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