US-China trade war talks set to resume in Beijing but big issues remain on the table
- Negotiations scheduled to resume on Tuesday
- Intellectual property, technology transfer, access to markets sticking points to agreement for Trump administration
US President Donald Trump could still possibly walk away from the negotiating table with China if he isn’t satisfied at the progress of talks between the two countries to resolve their trade war, according to a senior Trump administration official.
The official, who spoke on condition of anonymity, said both sides were eager to reach an agreement, but significant issues were still unresolved ahead of the next round of trade talks which will get under way in Beijing this week.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to begin talks in Beijing on Tuesday with Chinese Vice-Premier Liu He. Discussions will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases, and enforcement, according to a White House statement.
Liu will then lead a Chinese delegation to Washington for additional discussions starting on May 8. Negotiators have indicated they are close to a deal and Trump last week said Chinese President Xi Jinping would visit the White House “soon.”
The year-long trade war has weighed on confidence and dented shipments, with nine of the 10 gauges tracked by Bloomberg to assess the health of global trade below their average midpoint. Still, the world’s two biggest economies recently posted better-than-expected gross domestic product reports for the first quarter, raising optimism that headwinds are fading for the global economy.