China pledges 'tremendous' U.S. soy purchases


China has retaliated with tariffs of its own, but has suspended some and is allowing some purchases of US soybeans during the talks.

China promised to "substantially" expand purchases of US goods after the latest round of trade talks, and both sides planned further discussions to reach a breakthrough with only a month to go before the Trump administration is set to ratchet up tariffs.

He stressed however, that no decision would be made until he met his counterpart President Xi "to discuss and agree on some of the long-standing and more hard points".

But US officials don't believe that this will hinder the trade negotiations.

President Donald Trump on Thursday talked up China's commitment to buy more American soybeans.

Trump, meanwhile, has seen his public approval ratings battered by the partial government shutdown and is said to worry about the tariff war's impact upon US financial markets. President Donald Trump will also meet with Liu on Jan 31.

The Wall Street Journal reports that China has floated the idea of a meeting in late February-ahead of the March 2 deadline for new USA sanctions to take effect. The White House did not confirm the report or say when a meeting would take place. The US team will be headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, who have offered contrasting interpretations of the progress made so far. Asked how the talks were going, Yi flashed a thumbs-up sign.

Even as he has regularly promoted the president as a free trader who wants no tariffs, President Trump has repeatedly said he'd be fine with leaving the ones he enacted previous year in place.

Still, time is running out to reach a new trade agreement before the US-China tariff truce expires at the beginning of March and the trade war resumes in full force. China has retaliated with tariffs of its own, but has suspended some and is allowing some purchases of USA soybeans during the talks.

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Chinese officials have said their policies do not coerce technology transfers.

In an effort to ease negotiations in Washington, Beijing announced that it would pass a new foreign-investment law to end forced technology transfers and other restrictions imposed by the state.

Brilliant said it will be positive if the March 1 deadline is delayed but significant progress is made.

But the Chinese side would likely have to bring to the table a new offer that goes significantly beyond its previous offers to significantly increase purchases of US goods, including soybeans, energy and manufactured goods.

Mr Trump has also threatened tariffs on an additional $267bn worth of products.

Top US and Chinese trade officials returned to the bargaining table Wednesday, January 30, working to avoid a sharp escalation in the trade war between the world's two largest economies.

On Monday, the Justice Department unsealed an indictment against Chinese telecom giant Huawei, accusing the company of trying to steal trade secrets from the T-Mobile company.

Meng was arrested in Canada on December 1 at the request of the United States, which is seeking to have her extradited. Instead, the pressure would be on the reduce tariffs.