US Treasury Secretary Steven Mnuchin, a member of the US trade delegation, speaks to the media upon his arrival at a hotel in Beijing, China on Thursday. Jason Lee/ Reuters
BEIJING: US Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world’s two largest economies.
Mnuchin and US Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides in weeks after missing an initial end-of-March goal for a summit between US President Donald Trump and Chinese President Xi Jinping to sign a pact.
“We had a very productive working dinner last night, and we are looking forward to meeting today,” Mnuchin said as he left his hotel to meet with Chinese Vice Premier Liu He, who is due to visit Washington next week to continue the talks.
Mnuchin did not elaborate and it was not immediately clear with whom he had dined on Thursday night.
Trump imposed tariffs on $250 billion of Chinese imports last year in a move to force China to change the way it does business with the rest of the world and to pry open more of China’s economy to US companies.
On Thursday, Chinese Premier Li Keqiang said Beijing will sharply expand market access for foreign banks and securities and insurance companies, adding to speculation that China may soon announce new rules to allow foreign financial firms to increase their presence at home.
White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached while keeping others in place to ensure Beijing’s compliance.
“We’re not going to give up our leverage,” he told reporters in Washington on Thursday.
Mnuchin and Lighthizer greeted a waiting Liu at the Diaoyutai State Guest House just before 9am (0100) on Friday for what China’s Commerce Ministry has said would be a full day of talks.
Among Trump’s demands are for Beijing to end practices that Washington alleges result in the systematic theft of US intellectual property and the forced transfer of American technology to Chinese companies.
US companies say they are often pressured into handing over technological know-how to Chinese joint venture partners, local officials or regulators as a condition for doing business in China.
The US government says that technology is often subsequently transferred to and used by Chinese competitors.
The issue has proved a tough one for negotiators as US officials say China has previously refused to acknowledge the problem exists to the extent alleged by the United States, making discussing a resolution difficult.
China says it has no technology transfer requirements enshrined in its laws and any such transfers are a result of legitimate transactions.
The slashing of the global economic growth forecasts for 2019 by the International Monetary Fund (IMF) and the warning that growth could slow further due to trade tensions and a potentially disorderly British exit from the European Union (EU) should serve as a wakeup call for world leaders to take corrective measures through coordinated actions.
Factory activity shrank in most Asian countries in June as the simmering US-China trade conflict put further strains on the region’s manufacturing sector, keeping policymakers under pressure to deploy stronger steps to avert a global recession.
Equity investors gave a guarded welcome on Tuesday to a resumption of US-China trade talks, but fretted over weaker global economic data, traders said.
As optimism grows that the United States and China are nearing a trade deal, Japan kicks off its own negotiations with Washington from Monday, hoping to resolve some of the issues «very quickly.» US Trade Representative Robert Lighthizer and Japan›s Economy Minister Toshimitsu Motegi
The Roads and Transport Authority, RTA, has recently launched a Corporate Automated Chat System, Mahboob, via WhatsApp channel, as part of a plan to step up communication channels with its customers.
A powerful bomb blast outside the gates of Kabul University in the Afghan capital on Friday killed at least eight people and wounded 33, as students and lawyers waited to take an examination, officials said.
Britain said it was urgently seeking information about the Stena Impero after the tanker, which had been heading to a port in Saudi Arabia, suddenly changed course after passing through the Strait of Hormuz at the mouth of the Gulf.