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Wendy Wu

Owen Churchill

US Commerce Secretary Wilbur Ross on Thursday downplayed the possibility for a quick breakthrough next week to resolve deep-rooted conflicts in the US-China trade talks.
“There has been a lot of anticipatory work done. But we are miles and miles from getting a resolution,” Ross said.
In an interview with CNBC’s Squawk Box, Ross said China was sending a large delegation of around 30 people to Washington for the trade meetings on January 30-31.
Chinese Vice-Premier Liu He will lead a delegation to meet US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin and attempt to put a brake on the trade war by March 1.


“Trade is complicated,” Ross said. “There are lots and lots of issues.”
“Not just how many soybeans and how much [liquid natural gas], but even more importantly, structural reforms that we really think are needed in the Chinese economy … enforcement mechanisms and penalties for failure to adhere to whatever we agree to,” said Ross.
Concerns are on the rise about little progress in addressing issues related to China’s economic and technology policies, and whether both countries can reach consensus on a concrete action plan to deliver commitments.
What does winning the US-China trade war look like for each side?
Top leaders from both countries reached a 90-day truce on December 1 to stop further tariffs on each other. Face-to-face negotiations resumed earlier this month in Beijing, but little progress was made.


Sources said China remained focused on large purchases of American products while refraining from discussing tough issues such as state subsidies and intellectual property.
Only weeks are left for both countries to reach a meaningful deal before the deadline.
Uncertainties remain whether the US will increase the tariffs on US$200 billion of Chinese products from the current 10 per cent to 25 per cent.
Many believe that the higher tariffs would be another blow to the Chinese economy, which already faces slowing growth.
People shouldn’t think that the events of next week are going to be the solution to all of the issues between the United States and China
Wilbur Ross, US commerce secretary
US President Donald Trump said on Wednesday that the US was “doing very well in our negotiation with China”, but suggested that he did not care whether or not next week's discussions resulted in a deal.
“They're paying billions of dollars to the United States Treasury,” he told reporters in the White House, repeating his false assertion that it is Chinese exporters rather than US importers that are largely footing the bill of tariffs. “One way or the other, it doesn't matter – one way or the other, we're going to do well.”
Yes, Trump’s China tariffs are raising billions. No, China isn’t paying
Ross said he believed that China would like to make a deal but “it has to be a deal that works for both parties”.
“People shouldn’t think that the events of next week are going to be the solution to all of the issues between the United States and China,” he added. “That’s different from saying that we won’t get to a deal. I think there’s a fair chance we do get to a deal.”
“Hopefully, we can make a good start on it and follow up later on.”


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Washington and Beijing ‘miles and miles’ from trade resolution, says US Commerce Secretary Wilbur Ross

US Commerce Secretary Wilbur Ross. Photo: Reuters

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(FILES) In this file photo taken on August 27, 2018 (FILES) In this file photo taken on August 27, 2018 US Trade Representative Robert Lighthizer watches as US President Donald Trump has a phone conversation with Mexico's President Enrique Pena Nieto at White House in Washington, DC. - He stays out of the limelight but shares President Donald Trump's mistrust of China and the threat it posed to US economic power. US Trade Representative Robert Lighthizer has emerged as the US strongman in the ongoing trade negotiations, determined to force changes in Beijing's economic policies. (Photo by MANDEL NGAN / AFP)

(190122) -- BEIJING, Jan. 22, 2019 (Xinhua) -- Aerial photo taken on Dec. 13, 2018 shows the container wharf at Tangshan Port in north China's Hebei Province. China's economy grew 6.6 percent year on year in 2018, beating the official annual target of around 6.5 percent, data from the National Bureau of Statistics (NBS) showed Monday. The country's gross domestic product (GDP) hit 90.03 trillion yuan (about 13.32 trillion U.S. dollars) in 2018. The following are a group of facts and figures released by the NBS on its solid economic performance last year. -- China's fixed-asset investment grew 5.9 percent year on year in 2018, 0.5 percentage point faster than that recorded in the first three quarters. -- Total retail sales of consumer goods rose 9 percent year on year to 38.1 trillion yuan in 2018. -- Import and export volume hit a historic high of 30.51 trillion yuan in 2018, up 9.7 percent year-on-year, hitting a record high. -- Industrial output expanded 6.2 percent year on year in 2

epa07310147 Director of the National Economic Council Larry Kudlow speaks on the US economy and the ongoing partial shutdown of the federal government while responding to questions from members of the news media, in the Jame Brady Press Briefing Room of the White House in Washington, DC, USA, 22 January 2019. Kudlow defended US President Donald J. Trump's policy of demanding a border wall during the ongoing partial government shutdown. EPA-EFE/MICHAEL REYNOLDS

US President Donald Trump and China’s President Xi Jinping in Beijing on November 9, 2017. Photo: AFP

US-China trade war, Donald Trump and pressure from Beijing are three biggest worries for Taiwan-based firms this year

The trade war between Washington and Beijing was the biggest concern for businesses based in Taiwan. Photo: Reuters

epa06413595 The Taipei 101 skyscraper in Taipei, Taiwan, on 02 January 2018. According to Taiwan press, Japan's Itochu Corp plans to spend 600 million US dollars to acquire 37.2 percent stake in the Taipei Financial Center Corporation which manages the Taipei 101, from Taiwan's food giant Ting Hsin International Group. If the application is approved by Taiwan's Investment Commission, Itochu will become the second-largest shareholder of Taipei 101 after Taiwan's Finance Ministry which holds 52 per cent stake. Ting Hsin group began consiidering selling its stake in Taipei 101 after it was involved in the cooking oil scandal in 2013, the biggest food safety scandal in Taiwan, and its image was damagedl. In recent years, several foreign firms have sought to buy stake in Taipei 101. In 2014, Malaysia's IOI (Ed: it is ioi, pls do not write 101) Properties sought to buy Ting Hsin's 37.2 per cent stake in Taipei 101 for 790 million US dollars, but dropped the deal after Finance Minister Chang

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‘There are lots and lots of issues’ that need to be worked out, says the US commerce secretary, including enforcement of commitments


‘There are lots and lots of issues’ that need to be worked out, says the US commerce secretary, including enforcement mechanisms for failure to adhere to commitments.


Washington and Beijing ‘miles and miles’ from trade resolution, says US Commerce Secretary Wilbur Ross

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}‘There are lots and lots of issues’ that need to be worked out, says the US commerce secretary, including enforcement of commitments

‘There are lots and lots of issues’ that need to be worked out, says the US commerce secretary, including enforcement of commitments