China, U.S Zero In on ‘Balance’ During Trade Talks

Chinese President Xi Jinping and U.S. President Donald Trump December meeting
U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018. (Photo: REUTERS/Kevin Lamarque)

Following the conclusion of the China-U.S. trade talks, the U.S. Trade Representative's (USTR) office revealed that the two countries discussed equality and fairness in trade relations.

According to The Hill, the USTR said both China and the U.S. negotiated on "ways to achieve fairness, reciprocity, and balance in trade relations." While the two sides have not announced a sure deal yet, experts say the latest developments could hasten the process of arriving at a settlement.

The USTR went on to reveal that the United States delegation conveyed President Donald Trump's desire to resolve the issues revolving around trade and structural disputes. Aside from these issues, the bilateral talks also discussed purchases China promised to make.

China reportedly vowed that it will purchase a "substantial amount" of goods produced by the U.S. Among the goods that the Chinese delegation promised are energy and agricultural products and services.

The trade talks that lasted for three days follow a meeting between the Chinese and U.S. presidents on December. The meeting failed to materialize and led to a 90-day trade truce that states the two countries may not implement any new tariff holds on import goods.

Earlier today, the Chinese Commerce Ministry stated that China and the U.S. agreed to keep in contact following the three-day trade negotiations. In a statement translated by CNBC, the Ministry said the delegations "enthusiastically implemented" agreements that Chinese President Xi Jinping and President Trump previously discussed. The statement was short compared to the lengthy report that the USTR released to the media.

One of the breakthroughs that caught the attention of analysts is Chinese Vice-Premier Liu He's attendance on the first day of meetings. Economy experts believe Liu's unexpected appearance is a show of China's goodwill and hopes for significant progress from the trade talks that took place in Beijing.

Meanwhile, a new report suggests that President Trump may have a meeting with Chinese Vice President Wang Qishan soon. The media report further states that the meet-up will supposedly take place at this year's World Economic Forum to be held in Davos, Switzerland. No official confirmations have been provided by both parties.

The optimistic results of the trade war have affected the global stock market both in a bad and good note. While negotiations were ongoing, it was reported that a couple of Chinese tech companies cut down on labor. On the contrary, things got better by Wednesday evening. European stocks soared, further igniting high hopes for a deal that will benefit both China and the U.S.

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