U.S. and China optimistic on trade, plan talks at G20 summit

03 November, 2018, 14:43 | Author: Eric Barnett
  • US,China,Trump

Markets have soared on reports that the two sides are closing in on a deal that would avoid Washington piling on still more tariffs against Chinese imports.

However, a senior Trump administration official on dismissed the report as untrue, a CNBC reporter said in a post on Twitter. "And let's see what happens", Trump said at a White House event.

"Xi noted in the conversation that China has repeatedly made clear its stance on bilateral ties, and hopes that both countries will promote a healthy, stable development of bilateral ties", Xinhua said of the call.

Neither leader specified any details of possible progress in their first known direct discussion in several months.

The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side.

Jacob Parker, vice president of China operations at the U.S.

Xinhua, China's state news agency, reported on Friday that Trump had told the Chinese leader that "he looks forward to meeting Xi during the G20 summit so they can have an in-depth discussion about some major issues".

"What negotiations have lacked to date has been that (presidential) level of engagement".

"We will see what happens at the G20 and with Liu's talks, but I am not optimistic that anything momentous will come out of this", Zimmerman said. Washington's demands included opening up China further to US investments and abolishing the country's foreign-ownership caps.

This week, prosecutors announced an indictment against 10 defendants, including two Chinese intelligence officers and other computer hackers and co-conspirators, who are all accused of breaking into American company computers to steal data on a turbo fan engine used in commercial jetliners. While Beijing is open to striking a deal that narrows the trade deficit, officials have resisted Trump's other demands - including an end to subsidies for strategic industries, a stop to forced technology transfer and more competition for state-owned enterprises.

The White House's leading economic adviser has poured cold water on hopes of an imminent trade deal with China, reversing stock market gains that were triggered by bullish comments from President Trump and President Xi on Thursday.

Trump said he and Xi plan to meet during a gathering of the Group of 20 major economies this month in Argentina.

WASHINGTON-The White House's top economic adviser said on November 1 that if China does not come up with a satisfactory offer to meet US trade demands, then President Donald Trump will continue to aggressively pursue his agenda.

Earlier this week, Trump said he thought there would be "a great deal" with China on trade, but warned that he had billions of dollars worth of new tariffs ready to go if a deal did not materialize.

"We're doing better than we've ever done".

China has responded with retaliatory duties on $110-billion worth of US goods.



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