White House Denies Cancelling Trade Talks With Beijing

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US Commerce Secretary Wilbur Ross said Monday that China's economy was more vulnerable to the fallout from the trade war. "We will see what happens but we are doing very well in our negotiation with China".

A top White House aide flatly rejected media reports Tuesday that Washington had canceled a trade meeting ahead of next week's high-level talks with Chinese officials.

"The president's said many times how crucial that is, and he's not going to back down", Kudlow said.

The reports by The Financial Times and CNBC sent US stocks sharply lower, reviving fears that efforts to resolve the US-China trade war could fail.

Wei said it is of great importance that the two countries have been maintaining closer contacts as resolving trade disputes is urgent for both sides as well as the global economy.

Trump has painted developments in the U.S.

Trump and Chinese President Xi Jinping, in December a year ago at a meeting in Argentina agreed to give a pause to the trade war and reach an agreement before March 1.

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Washington has been clamouring for an end to the alleged forced transfer - and even theft - of American technology, as well as steep government subsidies for Chinese companies. China has agreed to increase purchases of USA commodities the country has hit with retaliatory tariffs. Last year, he had imposed massive import duties on Chinese products. He like where we are right now.

"These weren't sufficient to satisfy the USA negotiation team".

"The extension of the talks indicate that both sides take this very seriously", Lu said.

The Trump administration also wants Beijing to buy more American goods to narrow a yawning trade gap and allow foreign players better access to the Chinese market.

If both sides fail to reach a resolution to the trade war, USA duty rates on $200 billion in Chinese goods are due to rise to 25 percent from their current 10 percent, a prospect that has shaken markets in recent months.

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of U.S. goods and services and Cabinet-level follow-up meetings expected later this month.

"All I'll say is the meetings coming up at the end of the month with Liu He are very important", Mr Kudlow said.

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