China, US Resume High-Level Talks to Resolve Trade War - Commerce Ministry

China needs to make policy changes to avoid cold-war situation Pence

He has also threatened to target another $267 billion worth of goods if his demands are not addressed.

"Teams from both sides are in close contact to carefully implement the consensus reached by the two leaders in their phone call", Gao said.

He said that China also needs to make concessions on other issues, including in respect of intellectual property theft, restrictions of access to Chinese markets, compliance with global rules and standards, limiting the freedom of navigation in worldwide waters.

But he said the chasm between the two sides on issues such as Chinese industrial policy and intellectual property theft remained vast and that any post-G20 negotiations were likely to be hard as a result.

The two sides have raised tariffs on billions of dollars of each other's goods in a dispute over Beijing's technology policy.

Trump and Chinese Premier Xi Jinping are going to meet on the sidelines of the G20 Summit to be held on November 30. Thus negotiations between the two countries are postponed for an indefinite period.

China has delivered a written response to U.S. demands for wide-ranging trade reforms, three USA government sources said on Wednesday, a move that could trigger more formal negotiations to resolve a withering trade war between the world's top economies. However, the sources gave no further details and it was not clear if the response contained concessions that would satisfy Trump.

What happens next depends on Beijing's attitude, said Darson Chiu, a research fellow at the Taiwan Institute for Economic Research.

That said, the official believes it is a good sign that Beijing had put something in writing after months of declining to do so.

Trump has rejected deals negotiated by aides such as Mnuchin and Ross that were focused on increasing purchases rather than substantive reforms.

"That way Trump would have to accept [the offer]", Chiu said. "We're convinced China knows where we stand", he added.

At the very least, what the two could hope for is a sort of lowering of tensions, some analysts note.

He said that if China doesn't come up with any such proposals, the U.S. will likely escalate economic, diplomatic and political pressure on the country.

It was too early to tell whether China's offer would be sufficient to preclude an increase in United States tariffs at the start of 2019, he said. In Beijing, Trump's move was seen as an insult to Xi, who sent Liu to Washington for the negotiations, and cemented a view that Trump's real goal was to thwart China's rise.

Last week, US Secretary of State Mike Pompeo emphasized that despite the fact that the US is still "concerned" over China's military policies and religious freedom in the country, Washington does not seek a new "cold war" with Beijing.

The tariff rate on $200 billion in Chinese goods is set to increase to 25 percent from 10 percent on January 1. At the same time, Washington is unlikely to drop its restrictions or increased scrutiny of Chinese high-tech firms, Shi said.

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