FILE PHOTO: Ship and containers are shown at the port of Los Angeles in Los Angeles, California, U.S. July 16, 2018. REUTERS/Mike Blake/File Photo
WASHINGTON (Reuters) – China has pledged to purchase “a substantial amount” of agricultural, energy and manufactured goods and services from the United States, the U.S. Trade Representative’s office said on Wednesday after U.S.-China trade talks wrapped up in Beijing.
In a statement that gave few details on the specific outcomes of the latest talks, USTR said the two sides discussed “ways to achieve fairness, reciprocity and balance in trade relations between our two countries.”
U.S. and Chinese officials also discussed issues related to intellectual property protections and the need for any agreement that resolves the trade dispute between the world’s two largest economies “to provide for complete implementation subject to ongoing verification and effective enforcement,” USTR said.
The meetings this week were the first face-to-face talks since U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets.
If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports, at a time when China’s economy is slowing significantly. Beijing has already retaliated with its own tariffs on U.S. products.
Companies in both countries are feeling pain from the effects of the tariffs. Apple Inc (AAPL.O) rattled global markets last week by cutting its sales outlook, blaming weak demand in China.
Reporting by David Lawder and Chris Prentice; Writing by Nick Zieminski; Editing by Franklin Paul and Paul Simao