US team in Beijing for trade talks

US negotiators met their Chinese counterparts in Beijing on Monday for a new round of high-stakes trade talks, hoping to reach a deal before the March 1 deadline set by Donald Trump in the backdrop of the IMF warning of a possible global economic storm. 

The talks will include officials from the agriculture, energy and commerce departments.

In December, Washington suspended for three months its plan to increase tariffs on USD 200 billion worth of Chinese imports to 25 per cent from the current 10 per cent to allow time for negotiators to work out a trade spat.

Washington is demanding far-reaching changes from China to address commercial practices. US says, practices which China is using, are deeply unfair, including theft of American intellectual property.

China has offered to boost its purchases of US goods during the truce, but is likely to resist calls for structural changes to its industrial policy including slashing government subsidies.