USA team to visit China for trade talks

US manufacturers say Trump tariffs will bring higher prices, not more jobs

"China is the biggest beneficiary of Apple, more than us, because they build their product mostly in China", Trump said. "I think they sort of have to".

The president downplayed the effects of the economic woes on USA technology giant Apple Inc, which this week blamed slowing iPhone sales in China for a rare reduction in its quarterly sales forecast.

"The only deal would be China has to open up their country to competition from the United States", Trump told the Journal.

"The U.S. and China now have a strong shared interest in striking a deal in order to halt the downward spiral in business and investor confidence, which have taken a beating in both their economies", said Eswar Prasad, professor of trade policy at Cornell University.

That agreement saw China commit to renewed purchases of USA agricultural goods like soybeans, in return for the delay of a fresh swathe of tariffs Washington was set to impose on Chinese goods.

China's own stock market has fallen by about 25% in the past year as investor concerns grew about the impact of the trade war on China's economy.

The U.S. duties are set to increase to 25 percent in January.




But those gains would be dwarfed by news earlier in the week that planned to cut some 14,000 jobs in a widespread restructuring forced in part by fading sales growth.

The US delegation is to be led by US Deputy Trade Representative Jeffrey Gerrish, it said without giving other details about the agenda or participants.

Apple's lowered revenue outlook along with a double-digit drop in earnings at commodities giant Cargill Inc on Thursday may be among the clearest warning signs yet that the trade war's effects have begun to hit US companies. The talks begin on Monday.

Other administration officials at the talks will include Mr Gregg Doud, the US Trade Representative's chief agricultural negotiator, and Mr David Malpass, the Treasury Department's Undersecretary for International Affairs, said the sources.

Wendy Cutler, a former USA trade negotiator, said the US likely can't realistically settle for anything less than an agreement by Beijing to reform how it does business.

USA and China agree to hold first substantive trade talks since truce was struck at November's G20 summit in Argentina.

In December, Beijing´s commerce ministry said China and the USA "made new progress" on the issues of trade balance and intellectual property -one of the main sticking points of the trade dispute - during a phone call between officials from the two countries. "Now, the question is can we negotiate these changes and can we do so with enforcement (and) with timetables".

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