Economy

China wants to ‘very badly’ strike a trade deal with US

China wants to ‘very badly’ strike a trade deal with US

President Donald Trump looked to quell market jitters over escalating tariff war tensions with Beijing last night, after telling reporters that a trade deal between the United States and China is getting nearer. "I think we'll make a deal with China, and I think it will be a very fair deal for everybody, but it will be a good deal for the United States".

Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet U.S. demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

President Donald Trump's newfound zeal to resolve his trade war with China risks hitting some familiar obstacles, including himself.

The news comes as the volatile trade relations weigh in on the USA stock market, with stocks taking a turn after a rally in world equity markets came to a close and gains reversed on Wall Street.

However, a senior Trump administration reportedly denied that Trump was preparing to make a deal, a CNBC journalist said in a Twitter post on Friday.

Trump is scheduled to meet the Chinese President Xi Jinping in Argentina on the sidelines of the G-20 Summit on November 30 and December 1.

The United States has targeted $348 billion in Chinese products with tariffs, a move which saw Beijing lashed back with $153 million tariffs US goods.

Washington and Beijing are in an increasingly high-stakes standoff over Trump's aggressive move to end what he says have been years of unfair trade practices by China, including rampant intellectual property theft, forced technology transfers and market access barriers.

More news: Things Car Owners Can Do To Combat Air Pollution

"There was the belief overnight that we were close to a trade deal with China and now it looks like that is not the case". This contradicted a report that the White House was drawing up...

Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship.

"We're going to be fine regardless of what happens in Argentina", Navarro said, adding that trade talks with China are "more difficult" than those with other countries ranging from Japan to Canada.

"He wants to do it", Trump said of Xi.

Bloomberg reported on Friday that Trump wants to reach a trade agreement with China at the G20 meeting.

Lu Xiang, a specialist on United States affairs at the Chinese Academy of Social Sciences, said that Beijing had been preparing for a "worse than the worst" confrontation with the U.S., and added that any further escalation would be fatal to an already highly volatile USA stock market.

Trump's comments came a day after a phone call with Xi that he described as "very good.". "We're not on the cusp of a deal".

"As the president said, we would like to talk to them about it, but they may not be ready".