Economy

United States trade deficit with China expands

United States trade deficit with China expands

Ahead of his attendance at former President George H.W. Bush's state funeral Wednesday, President Donald Trump took to Twitter to express optimism about the state of trade negotiations with China following Tuesday's stock market plunge.

US President Donald Trump and Chinese President Xi Jinping agreed on 1 December on a truce in their escalating trade war during their meeting on the sidelines of the G20 summit in Buenos Aires, Argentina.

In Argentina last weekend, Trump and Xi agreed to a truce that delayed the planned January 1 USA hike of tariffs to 25 percent from 10 percent on $200 billion of Chinese goods while they negotiate a trade deal.

China will immediately implement the consensus that the two sides have already reached, starting with agricultural products, energy and automobiles, Gao said.

China's Ministry of Commerce (MOC) said on Thursday that the ultimate goal of Sino-U.S. trade talks was to remove all additional tariffs, adding that China will hold consultation with the U.S. on issues of common concern and strive to reach consensus.

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The two sides also will discuss intellectual property protection, technical cooperation, market access and their trade balance, Gao said.

According to Xinhua news agency, experts said "the important meeting sends a positive signal in the development of China-US relations, one of the most important bilateral ties in the world".

"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.

"All of these help to safeguard China's legitimate interests, and are also in the interests of the United States, and even more are in line with the expectations of the global community", he added in a statement carried on the foreign ministry's website.

Washington and Beijing have exchanged steep tariffs on more than US$300 billion (RM1.2 trillion) in total two-way trade, locking them in a conflict that has begun to eat into profits.