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US-China trade talks move to higher level as deadline approaches
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WASHINGTON (Reuters) - US Treasury Secretary Stephen Manucin said he was looking forward to trade talks with China on Thursday as talks in Beijing moved to a higher level in a push to cool a customs tariff war ahead of a March 1 deadline.
The talks, which are scheduled to last until Friday, follow three days of meetings at the parliament level to find out technical details, including the mechanism for implementing any trade deal.
"I look forward to the discussions today," Menuchin told reporters as he left the hotel, without giving further details.
Menuchin and US Trade Representative Robert Laitheiser began the meetings shortly after the announcement at Diaoyutai Guest House with Chinese Vice Premier Liu He, also the chief economic advisor to Chinese President Xi Jinping.
US tariffs on Chinese goods worth $ 200 billion are expected to increase from 10 percent to 25 percent if the two countries fail to reach an agreement by March 1, increasing pressure and spending on sectors ranging from electronics to agriculture.
Imports from the United States fell 41.2 percent in January from a year earlier to $ 9.24 billion in the lowest dollar value since February 2016, Chinese trade data released on Thursday showed.
Exports to the United States fell 2.4 percent to $ 36.54 billion, their lowest since April 2018.
China's trade surplus with the United States shrank to $ 27.3 billion in January from $ 29.87 billion in December.
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