China, US hold 'frank' and 'constructive' talks to end trade war; to meet again

Top trade officials from China and US held "frank" and "constructive" talks in Shanghai on Wednesday and agreed to meet again in the United States in their efforts to reach a trade deal to end the ongoing trade war between the world's two largest economies.

Since the commencement of trade war last year China and US have so far hit each other with punitive tariffs covering more than USD 360 billion in two-way trade.

US President Donald Trump kicked off the trade war demanding China to reduce massive trade deficit which last year climbed to over USD 539 billion. He is also insisting on China to workout verifiable measures for protection of intellectual property rights (IPR) technology transfer and more access to American goods to Chinese markets.

The 12th round of talks between top trade negotiators from China and US, the first after they broke down in May, lasted just half a day and ended with no sign of a breakthrough, but a willingness to continue discussions.

The talks were held in Shanghai unlike the previous rounds which took place in Beijing and Washington. The abrupt end of talks sparked speculation that a trade deal was unlikely before the 2020 US presidential elections.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin took part in the talks with a Chinese delegation headed by Vice Premier Liu He. The talks were relatively brief and the US officials left for the airport without speaking to reporters.

China's state-run Xinhua news agency reported that the US and Chinese trade negotiators agreed to meet again in the United States.

"The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," it said.

Both sides discussed "the issue of China increasing its purchases of US agricultural products according to its domestic needs" and the US creating "favourable conditions for these purchases", it added.

Chinese Foreign Ministry spokesman Hua Chunying in her media briefing in Beijing hit back at Trump's barrage of tweets against China.

Seen as an attempt to increase pressure on China, Trump tweeted on Tuesday saying his team is "negotiating with them now, but they always change the deal in the end to their benefit."
Reacting to Trump's tweets, Hua said, "the US is the one that has flip-flopped in the whole process. It doesn't make any sense for the US to exert pressure for maximum campaign. I believe the US should show more sincerity and good faith."