China vows increased US imports, IP protection at trade talks
What's the story
China agreed to increase imports of US goods and boost cooperation on protecting intellectual property (IP) during trade talks in Washington. The two sides "attached great importance to the issues of intellectual property protection and technology transfer and agreed to further strengthen cooperation", Beijing's official news agency Xinhua said today. The 90-day truce on US-China trade tariffs ends on March 1. Here's more.
Details
China agrees to increase imports of US agricultural products: Xinhua
China also agreed to increase imports of "US agricultural products, energy products, industrial manufactured goods and service products" during the talks on Wednesday and yesterday, the report said. The talks in Washington come as the end, March 1, of the 90-day truce on US-China trade tariffs inches closer. Last year, the Washington and Beijing imposed tariffs on more than $360 billion in two-way trade.
Consequences
US duty rates expected to rise if no agreement reached
US duty rates on $200 billion in Chinese goods are due to rise to 25% from 10% if no agreement is reached in time between the two countries. In addition to IP protection and boosting US imports, Chinese and American trade officials also agreed that "effective measures will be taken to promote the balanced development of Sino-US trade", said Xinhua in its report.