Economy

Trump predicts US will reach a good trade deal with China

Trump predicts US will reach a good trade deal with China

In their talks on Thursday night, Xi told Trump that the two sides had to come up with a proposal to settle the trade war, while Trump said the two men had a "long and very good conversation" on several issues, including trade and North Korea.

The comment comes days after he warned he would impose tariffs on all China's shipments to the U.S. before saying he thought he could "make a great deal with China" but it was not yet ready.

Xi also said in the phone call that he hoped the two world's largest economies will be able to promote a steady and healthy relationship.

President Trump has made very clear to China that they must change their "unfair" trade practices including theft of US intellectual property.

The U.S.is on track to post its biggest foreign trade deficit in a decade, Market Watch reported.

Trump said he will have dinner with Chinese President Xi Jinping at the November 30-December 1 G20 summit of industrial and emerging market nations.

"What negotiations have lacked to date has been that (presidential) level of engagement". I think we have a long way to go.

On Wednesday, US Secretary of State Mike Pompeo said China was probably Washington's biggest long-term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce" and respect worldwide law. But most economic and trade analysts say it's unlikely that any deal with China is on the horizon.

"The best situation (from a Trump-Xi meeting) would be no further actions, temporarily".

"Both leaders attach great importance to China-US ties and economic ties", Lu said.

"The sound and stable growth of China-U.S. relations serves the common interests and the fundamental interests of the people of our two countries", Li said.

More news: Alec Baldwin arrested in NY after dispute over parking spot

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.

"We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality", he added.

Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the USA filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner.

"If a Trump-Xi deal at the G-20 Summit can set the broad framework for renewed bilateral trade negotiations it may help the global trading system avert the abyss of an escalating US-China trade war in 2019", said Rajiv Biswas, Asia Pacific chief economist at IHS Markit in Singapore.

Trump has railed against the U.S. trade imbalance with China since his presidential campaign, and his administration has grown increasingly vocal about calling out alleged corporate espionage and intellectual property theft by Chinese entities.

"Those discussions are moving along nicely", Trump wrote on Twitter Thursday.

However, Larry Kudlow, director of the National Economic Council, said yesterday that the United States was "not on the cusp of a deal" with China and that the Trump administration was merely doing "normal preparation" before talks this month.

President Donald Trump's steep tariffs on billions of dollars worth of Chinese products don't seem to be particularly effective at re-balancing trade.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

For its part, Beijing has imposed tariffs on $110bn worth of United States goods.


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