No breakthrough in China-US trade talks | Business| Economy and finance news from a German perspective | DW | 24.08.2018
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No breakthrough in China-US trade talks

Trade talks between China and the US resumed this week, with China saying on Friday that the meetings were "constructive." Nonetheless, tariffs have continued to be levied with no breakthrough yet in sight.

China's Ministry of Commerce said on Friday that it had held "constructive meetings" with US officials after talks resumed between the countries over their ongoing trade spat.

Nonetheless, with no major breakthrough yet in sight, the resumption of talks did not prevent an additional $16 billion (€13.83 billion) of tariffs being levied by the US and China on each other's goods, starting from Thursday.

Read more: US-China trade spat: Clash of the titans, part 2

Talks took place on Wednesday and Thursday aimed at defusing the escalating conflict, which has now seen both countries slap $50 billion in tariffs on the other's products, with more expected to follow.

The Chinese news agency Xinhua reported that the officials on both sides have vowed to "keep in contact" in the future.

High-tech will suffer, says China

Meanwhile, a prominent Chinese state planner said on Friday that US tariffs on high-tech Chinese technology would have an impact on the tech sectors in both countries.

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Ren Zhiwu, head of the high-tech department of China's National Development and Reform Commission, said that US tariffs on Chinese goods in the sector would ultimately impact US companies and buyers, and that the Chinese intend to stick with their much-vaunted innovation strategies, regardless of the trade spat.

No breakthrough

US President Donald Trump has consistently railed against Chinese trade practices, and if tariff threats his administration have made ultimately all come into effect, the US will eventually have placed levies on $250 billion worth of Chinese goods.

The Chinese have vowed to match US tariffs blow for blow, but in 2017, the country imported around $130 billion of US goods, in stark contrast to the nearly $500 billion worth of Chinese goods the US imported in 2017.

With no clear breakthrough achieved, Asian stocks fell slightly on Friday.

aos/hg (dpa, AFP)

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