US, China trade talks could wrap in four weeks

Donald Trump Says He Calls China’s Leader ‘King’ and Xi Likes It Like That

Donald Trump Says He Calls China’s Leader ‘King’ and Xi Likes It Like That

But an agreement to schedule a summit meeting suggests both sides are eager to come to a compromise that would end months of tensions between the countries and could prompt a rollback of at least some of the tariffs that the United States has imposed on Chinese goods. "We hope this week to get closer".

Through a message passed to Trump via Vice Premier Liu He, Xi called for an early conclusion to negotiations and said that strategic leadership was needed to ensure healthy and stable US-China relations, the official Xinhua News Agency said.

Liu He said the USA and China had reached a new consensus on important issues like the text of the economic and trade agreement, Xinhua reported.

USA and China agree to some of the "toughest things" in trade talks. China wants the tariffs lifted, while USA officials are wary of giving up that leverage, at least for now.

China and the United States are "getting a lot closer" to making a deal following "fruitful consultations", senior officials said on Thursday. "It's got a very good chance of happening".

In outlines of the deal that have been reported in different media sources, China is promising to buy hundreds of billions of dollars of USA goods.

USA and Chinese negotiators have been meeting in Beijing and Washington in recent weeks to hammer out a comprehensive trade deal between the world's top two economies.

On China's behalf, Mr Liu cited "great progress" in the talks because of Mr Trump's direct involvement and expressed hope that the talks would lead to "a good result".

The National People's Congress only abolished the term limit of the Chinese presidency four months after Trump's visit, the South China Morning Post reported.

President Donald Trump says the "rounding the turn" in trade negotiations with China. After Mr Xi's team initially floated a formal state visit to Washington as an option, China has pushed back against a meeting on USA soil and wants to instead meet in a neutral third country, the people briefed on the plans said.

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Trump eschewed standard presidential protocol and didn't release his tax returns because he figured they would be damaging to him. But if in a year from now drugs continue to pour in we're going to put tariffs on", he said.

Those structural issues along with the way a potential deal would be enforced have been sticking points during months of talks between the world's two largest economies.

The merchandise-trade deficit with China hit a record US$419.2 billion in 2018.

"So, I think by undermining the multi-lateral rules-based system on trade, we have just injected a massive dose of uncertainty in the world that will stay with us for a long time".

"If in a year from now drugs continue to pour in, we're going to put tariffs on", he added.

Lighthizer and Treasury Secretary Steven Mnuchin are holding talks in Washington with a Chinese delegation this week after meeting together in Beijing last week.

According to the reports of Reuters the written agreements concentrated on six areas namely cyber theft and forced technology transfer, non- tariff barriers to trade, intellectual property rights, currency, services and agriculture.

"Even once we are done with the USA and China, the USA will turn to Europe", Laurence Boone, chief economist at OECD, told CNBC's Steve Sedgwick at the Ambrosetti Workshop in Italy on Friday.

Kudlow said Liu and his team would remain in Washington for three days and possibly longer.

Both US and Chinese officials have projected cautious optimism for months but momentum has slowed as the two sides tussle over whether and when Washington should remove the punishing tariffs it imposed previous year on Chinese goods.

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