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White House sees a "positive" beginning to closed China meetings

Treasury Secretary Steven Mnuchin said that the US and China have a "very good conversation" as a second day negotiations on the two nations trade relations are taking place in Beijing.

Trade Secretary Wilbur Ross, USA Trade Representative Robert Lighthizer and White House Advisor Peter Navarro, who is also at the US delegation, refused to comment on reporters when leaving their hotel. A white house official said at the end of Thursday that the atmosphere was "quite positive" but the real test will be China's ability to deliver on its promises of economic change.

The United States has transferred to China a "detailed list of questions" Mark Calabria, chief economist of US vice president Mike Pence, said during an event in Washington. While denying giving specific, he said the United States wants China to lower its tariffs to match US taxes, in a move that could increase exports of US goods to World Economy No. 2.

"What I heard from the first day, and again they have been there for a whole day of negotiations, have been quite positive, said Calabria. "The difficulty will always be that we mostly hear pretty positive things from China and the question is if they will actually do them. So it will be the tough part. "

His comments are the first public update on progress in closed door talks between President Donald Trump's Economic Team and Beijing officials who started Thursday and are scheduled to run through Friday. China's largest media have been ordered to refuse report any material in addition to official press releases in the context of the conversation, according to persons familiar with the matter.

Mnuchin arrives with its delegation following a meeting with Chinese officials in Beijing on May 3.

Photographer: Andy Wong / AP Photo [19659009] The United States has tempered expectations of a major breakthrough from the discussions, which are expected to focus on US concerns about China's state-owned economy, technology transfer and United States enlargement trade deficit with China. Underscoring the friction an American report released on Thursday showed that trade gap with China increased by 16 percent to over $ 91 billion in the first quarter of this year.

China's government does not accept any US conditions for negotiations such as abandoning its long-term advanced manufacturing ambitions or lowering the $ 100 billion trade gap, a leading Chinese government official, who asked not to be named, said Wednesday.

The S & P 500 Index fell 0.2 percent on Thursday as investors melt mixed results, while the Dow Jones Industrial Index was slightly changed. Hong Kong's Hang Seng Index dropped 1.3 percent last session of uncertainty over the talks between the US and China.

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No details about any planned press conferences have been provided by any page, and analysts are not optimistic if potential results beyond the pages may delay the threat of tit-to-tat tariffs.

"Our expectations are low. The US negotiating position is unclear – it is not even clear if US representatives have a unified view of what they want to achieve," says Tom Orlik, chief financial officer at Bloomberg Economics. "The Chinese side has already made concessions and will not hurry to do more. The past few weeks have shown that markets can be controlled by tariff crimes, so there's really a possibility in the next few days."

The meetings are an opportunity for The pages to change their views after the official channel of US-China's high economic talks were interrupted last year.

"I am very optimistic that what we will hear from this week are many very nice promises and commitments, but we must be diligent to ensure that the nice sounding promises and commitments are actually met. And it's only time to tell, "said Calabria.

Trump has threatened to charge as much as $ 150 billion of Chinese goods to punish China over its IP practices if the talks fail to make progress, a move that China said would spark offense to an equal extent to American exports.

The United States is also looking at ways to curb Chinese investment in the United States in an attempt to balance the waves and protect sensitive technology. China has announced $ 3 billion of US goods such as pork and wine in retaliation for new global steel and aluminum tariffs introduced by Trump. US charges aimed at addressing China's overcapacity.

Trump made a more positive note when his financial team entered the Beijing conversation. "Our big financial team is in China and tries to negotiate equal terms for trade!" Trump tweeted when his team arrived in Beijing. "I look forward to being with President Xi in the not too distant future. We will always have a good (good) relationship!"

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China's official Xinhua News Agency said in a comment to Wednesday that the United States would show honesty in trade negotiations instead of making unreasonable demands. China will take repayment steps of the same intensity if the United States puts customs on its goods after the call, Xinhua said.

The discussions should involve equal consultation and mutual respect and work against mutual benefits, a Chinese Foreign Ministry spokesman told reporters in a regular briefing on Thursday. China's Deputy Prime Minister Liu Han, the highest financial advisor to President Xi Jinping, heads his nation's delegation.

Another annoying aspect is an American ban on the sale of crucial US technology to telecommunications equipment ZTE Corp. and a probe it is said to be leading toward Huawei Technologies Co., China's largest mobile and telecommunications company.

Xi said Wednesday that China must constantly control larger technology and rely on domestic innovation that echoing comments from days earlier when he used a visit to a semiconductor company in Wuhan to say industry must make major breakthroughs.

– Using Katia Dmitrieva, Miao Han, David Ramli, Paul Allen, Saleha Mohsin, Andrew Mayeda, Peter Martin, Xiaoqing Pi, Elena Popina, Dandan Li, and Yinan Zhao

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