“Enforcement is going to be a critical component of this deal, but we need a deal. The markets are nervous; the markets will not respond if there isn’t a good deal,” he said.
Officials from Washington and Beijing met last week in the Chinese capital for trade negotiations.
This week, Chinese Vice Premier Liu He will visit Washington on Thursday and Friday to continue the talks, China’s Commerce Ministry said.
Liu will meet U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, the ministry said in a short statement on Tuesday. What happens this week will be “critical,” Brilliant said.
“The talks are heating up. I think we’re at a point where both sides know what the issues are. There’s been progress made around some of the purchasing issues, some offers by the Chinese on market access liberalization, for example in the financial services area, reducing tariffs on autos — that’s all good — and some progress, in fact, on intellectual property enforcement, particularly focused around patent and copyright issues,” he said, confirming what leaks and Chinese media reports had indicated about the state of discussions.
Still, he added, there are still gaps on “important structural issues.” Those include, he said, China allegedly forcing foreign companies to transfer technology expertise to Chinese entities in exchange for market access, Beijing offering market-distorting subsidies to its domestic companies, and “a general category of industrial policies that China has adopted that hurt U.S. companies’, and frankly foreign companies’, access to the Chinese market.”
While the ongoing U.S.-China trade war has roiled markets and heaped uncertainty upon major U.S. companies — notably including Apple — the American private sector is counting on those structural issues getting resolved, according to the Chamber of Commerce official.
“The business community and American workers want a deal that is sustainable, that changes the trajectory of our bilateral relationship,” Brilliant said.
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