US, China resume trade talks in Washington

US Mulls Currency Accord With China in Partial Trade Deal - Report

With less than a week until higher American tariffs hit Chinese goods, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin greeted Liu at the USTR office here Thursday morning.

The two sides sat down as the USA plans to impose more tariffs on Chinese goods starting Tuesday.

In return, Beijing would offer non-core concessions like purchases of agricultural products without giving in on major sticking points, the official said, without offering further details.

But US President Donald Trump has said he wants a comprehensive deal that includes how to tackle China's alleged violations of intellectual property rights.

"In my opinion, China wants to make a deal more than I do", Trump added.

White House officials soon responded to the report, however, dismissing any rumors that Liu had plans to leave Washington early and assuaging some of the fears.

China is willing to bump up purchases of USA farm exports and make other concessions but will stop short of addressing Trump's core grievances, according to reports from Bloomberg and The Financial Times.

China this year balked at Trump's demands for a profound transformation to the way it manages its economy and analysts say Beijing is unlikely to adopt economic reforms that could undermine the Communist Party's political power.

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"I think that could lead to a decision by the USA administration to not put forth a tariff rate hike on October 15", Brilliant said in a conference call, which followed a meeting Wednesday between Liu and senior Chamber officials, according to media reports.

While both the US and China face the risk of slowing economic growth, the Trump administration appears to be sticking to its hard line.

"I think both sides are needing to have a win".

But his attitude toward the process is subject to the churning pressures now competing for his attention.

Both sides should not escalate disputes or they will drift apart, said a second Beijing-based Chinese official briefed on the talks this week.

"We all know the next round of tariffs is going to hurt the United States as much or more than China", Wendy Cutler, vice president of the Asia Society Policy Institute, told AFP.

However, negotiators heading to Washington aren't optimistic about securing a broad agreement that would end the trade war for good.

Meanwhile, US central bankers and others believe the trade war is raising the chances the United States could slip into recession.

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