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China confirms United States trade talks in Beijing next week

China confirms United States trade talks in Beijing next week

Both countries made a decision to suspend imposition of new tariffs on each other for the next 90 days and implement consensus that were reached between both presidents during the G20 meeting earlier this month. American officials worry those might erode USA industrial leadership, and complain that China's technological prowess is underpinned by the theft of intellectual property from US firms.

Chinese President Xi Jinping with his United States counterpart Donald Trump. Hassett agrees with Apple CEO Tim Cook, who said that "trade tensions between the United States and China put additional pressure on their economy".

"If we have a successful negotiation with China, then Apple sales and everybody else's sales will recover". In October the International Monetary Fund cut its 2019 global growth forecast to 3.7 percent, citing the trade war, and in December Citi trimmed its prediction to 3.1 percent.

The bruising trade war comes as China grapples with a slowing domestic economy.

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To try to compel China to reform its ways, Washington has imposed tariffs on $250 billion in Chinese imports; Beijing has counterpunched by taxing $110 billion in USA goods.

A sharp drop in Chinese economic growth will hit the profits of US firms but sales by Apple Inc and other American companies should recover once Washington strikes a trade deal with Beijing, a senior White House adviser said on Thursday. Trump had been set to raise the tariffs on most of the Chinese goods on January 1. Fears are growing that the second-longest economic expansion in USA history could slide to a halt next year or in 2020.

Growth is expected by the government to have eased to around 6.5% in 2018, down from 6.9% in 2017. But heavy government spending masked weakness in private-sector activity.

Factory activity weakened across much of Europe and Asia in December as the U.S.

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Auto sales in China plunged 16 per cent in November from a year earlier.

"There are certainly compelling reasons for both sides to reach a deal and avoid further tariff increases", said Cutler, now vice-president at the Asia Society Policy Institute. Instead of seeing this as a healthy sign that USA consumers are flush enough to purchase goods from the country, Trump looked at the figures as though they were on the scoreboard at a stadium and took them to be a sign that the US was losing to China in some sort of contest.

Beijing last month said that negotiations would start by focusing on agricultural goods, energy and automobiles.

U.S. envoys are to visit Beijing on Monday for talks on resolving a tariff dispute that threatens to hobble global economic growth, Beijing said yesterday.

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