U.S., China could settle immediate trade issues - Ross on CNBC

US and China agreed to hold trade talks on January 7-8 on Beijing

U.S. -China trade talks opened Monday in Beijing, with negotiators for the world's two biggest economies trying to resolve tariff disputes that have roiled world markets in recent weeks.

The negotiations are aimed at resolving U.S. allegations of unfair trade practices, including massive state subsidies and "theft" of American technological know-how. "Their economy's not doing well", Trump told reporters at the White House before boarding the Marine One presidential helicopter. "I don't think it will proceed that fast".

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to United States dollars 375 billion, sounded positive note by saying that negotiations between the two sides were going "very well".

China and the USA have in the past traded barbs over what Washington says is Beijing's militarisation of the South China Sea, by building military installations on artificial islands and reefs. The two sides have provided scant information about the discussions, and neither has indicated its stance has changed since a December 1 agreement by Presidents Donald Trump and Xi Jinping to postpone further increases.

Economists say the 90-day postponement of tariff increases that had been meant to take effect January 1 may be too short to settle the disputes bedeviling U.S.

The incident coincided with the start of high-level talks on trade between the USA and China, which kicked off on Monday in Beijing.

On Friday, Beijing cut bank reserve requirements amid slowing growth at home and pressure from the US tariffs.

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Optimistic investors are placing their bets on the stock market once again, boosted by the United States' and China's latest attempt to resolve their trade war. The trade war between Washington and Beijing has been going on for almost a year already, with the two countries slapping tariffs on $300 billion worth of each other's goods.

Xiang Songzuo, an economist at China's Renmin University, delivered a speech on December 16, 2018, in which he cited reports concluding that China's GDP growth was very low, or even shrinking. He also said he had no further information on this week's trade talks. They criticize his tactics but echo US complaints about Chinese industrial policy and market barriers.

Beijing suspended extra tariffs on US-made cars and auto parts for three months, while a major state grain stockpiler made purchases of American soybeans.

But in a sign of how interconnected the two economies are, Apple shares dropped last week after the tech giant reported steeper-than-expected "economic deceleration" in the last quarter in China - one of its largest overseas markets.

"It certainly has hurt the Chinese economy", Ross told CNBC. In exchange, Trump agreed to put on hold a planned increase in tariffs on $200 billion (€175 billion) in imports from China.

"This trade fight couldn't have come at a worse time for China".

Trump initiated the hostilities because of complaints over unfair Chinese trade practices - concerns shared by the European Union, Japan and others.

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