China officials to begin trade war talks in Beijing

President Donald Trump speaks in the Rose Garden of the White

President Donald Trump speaks in the Rose Garden of the White

The talks have come a month after Trump and Xi Jinping agreed to suspend a tariff hike for three months to give negotiators space to reach an agreement and end a dispute that has roiled world markets.

Trump temporarily suspended the planned increase in tariffs from 10 per cent to 25 per cent on Chinese goods worth $200 billion, although warning that he would go ahead with the plan if a trade agreement was not sealed before the 90-day deadline.

A U.S. Navy ship sailed within 12 miles of China's Paracel Island chain on Monday, a move likely to provoke Beijing which claims almost of the strategic waters in the South China Sea.

China and the United States want to work together on trade, the Chinese foreign ministry said on Monday, as the world's two largest economies resumed talks in a bid to end their trade dispute, Trend reports referring to Reuters.

"From the beginning we have believed that China U.S. trade friction is not a positive situation for either country or the world economy", Lu said. Over the weekend, President Donald Trump told reporters at the White House that negotiations were going "very well" and investors are keen to see what comes next.

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The administration has also raised the specter of terrorists crossing the border, although many of these claims are overblown . President Trump verified the lack of progress with a tweet on Saturday, saying there wasn't "much headway made today".

China on Friday cut bank reserve requirements amid slowing growth at home and pressure from the USA tariffs.

"We have a massive trade negotiation going on with China".

China's stridently nationalist Global Times tabloid said in an editorial late on Sunday that statements from both sides that they hoped to reach a deal were cause for optimism, but that Beijing would not cave in to US demands.

China claims nearly all of the strategic waters and frequently lambastes the United States and its allies for freedom of navigation naval operations near Chinese-occupied islands. It's their first face-to-face meeting since the two leaders agreed at a Group of 20 summit in Argentina last month not to impose new tariffs that were due to take effect January 1.

Without a resolution, punitive U.S. duty rates on US$200 billion in Chinese goods are due to rise to 25 per cent from 10 per cent on March 2.

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Trump on Sunday headed to the USA presidential retreat at Camp David, where he said he would discuss a trade deal with China with senior aides, among other issues.

A United States guided-missile destroyer sailed near disputed islands in the South China Sea in what China called a "provocation" as U.S. officials joined talks in Beijing during a truce in a bitter trade war. The economy needs certainty. "And to do that properly would require significant changes in how China manages its economy - changes that would put the Chinese government and its state-owned enterprises in a vulnerable position".

Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications. The incident could have caused a collision, US officials said at a time.

It is possible that if Trump, who is making his second trip to Davos as president, does not meet with Wang, one or more of his top trade lieutenants would instead.

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