Trade negotiations between US-China mid-level officials seem to have taken a favorable turn. Officials from both the countries though have admitted progress, yet are unsure about the outcome, given the difference in approach and interests.
Going by the media statements given by top Trump administration members, including undersecretary for trade and foreign agricultural affairs Ted McKinney, the US was able to deliberate China into a pledge of buying substantial amount of American agricultural, energy and manufacturing products.
Further, negotiators had serious discussions over China’s approach to intellectual property protection and its practice of so-called forced technology transfer.
The Trump administration has further displayed commitment towards implementation of the verbal commitments given by the Chinese counterpart. They expressed “the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement.”
As per the Chinese Commerce Ministry statement, both countries “conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving mutual concerns.” Also, “Both parties agreed to continue to maintain close contact.” However, the date of any further meeting is still not specified.
The optimism of both sides from the three-day meeting indicated a positive stand towards ending the US-China trade war that has affected both the countries. But the fact still remains that there no deal has been sealed with the deadline of March 2 closing on.
As the scheduled trade talks extend to a third day, speculations are rife over China’s intentions on coming down to an agreeable trade deal with the Trump administration. It’s true that Beijing has made a series of offers to the US in recent weeks to end the trade war, but none qualifying the fair trade practices bar of Trump administration.
The US-China trade talks with the ongoing deliberations have now entered the final rounds with senior officials from either side taking a stance. It is important that the final round of trade talks end on a favorable note with a positive trade deal, because a resolved trade spat has the potential of opening doors to higher trade collaborations in to be held World Economic Forum in Davos, Switzerland .