USA team to visit China for trade talks

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US officials are heading to Beijing next week for the first face-to-face talks since Trump and China's President Xi Jinping in December agreed to a 90-day truce in the trade war as they sought to strike a deal.

Trump repeated that the USA has "taken in billions and billions of dollars in tariffs from China and from others", despite the fact import duties are increasing costs for American businesses and consumers.

A new strain in the US-China relationship emerged in December when Canada announced it had carried out a US request to arrest the chief financial officer of Huawei, one of China's top tech companies.

They hope to have "positive and constructive discussions", said a Chinese foreign ministry spokesman, Lu Kang.

"The trade tensions between the United States and China put additional pressure on their economy", Cook said in an interview with CNBC Wednesday.

Trump initiated the trade war because of complaints over unfair Chinese trade practices - concerns shared by the, Japan and others. Growth is expected by the government to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017.

United States factory activity slowed more than expected in December, according to the Institute for Supply Management (ISM), while Chinese data on Monday showed its manufacturing activity contracted for the first time in more than two years. But economists say that is too little time to resolve the sprawling disputes that bedevil U.S.

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On its website, China's commerce ministry said the goal of the upcoming talks, to be held in Beijing on 7 and 8 January, will be "implementing the important consensus" reached by the two leaders.

Since the agreement there have been tentative signs that China is ready to make concessions to the USA in order to lessen the impact of the trade war on its economy, with the Wall Street Journal reporting in December that Beijing is preparing to replace its Made in China 2025 plan with a new economic blueprint that would aim for increased access to China for foreign companies.

The makeup of the US team was announced Friday by the trade representative's office.

Beijing on Friday cut bank reserve requirements for a fifth time this year amid slowing growth at home and the punishing US tariffs on exports.

"Apple makes its product in China". The investment bank UBS said Friday that 37 percent of 200 manufacturers surveyed said they have shifted out of China over the past 12 months.

Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report.

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