Markets

Setback for US-China trade deal hopes

Setback for US-China trade deal hopes

Washington, Europe and other trading partners say those violate China's market-opening obligations and some American officials worry they might erode USA industrial leadership.

Both China and the U.S. have been locked in an increasingly bitter trade dispute in the past few months, with both the nations slapping tariffs on each other's imports, leading to the straining of ties between the world's two largest economies. "We've had very good discussions with China", he told reporters.

"We're doing a normal, routine run-through of things we already put together and normal preparation", Kudlow said on CNBC Friday. "They want to make a deal", Trump said Friday outside the White House. Earlier, U.S. President said that he had fruitful talks with the Chinese President, during which they discussed trade relations between China and the United States.

He has also threatened to impose tariffs on a further $267bn worth of Chinese goods.

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

The US and China's tit-for-tat tariffs on each other's goods have rumbled on for months as Trump pledges to help create more US manufacturing jobs.

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

President Donald Trump said Thursday said trade discussions with China were "moving along nicely" and that he planned to meet with Chinese President Xi Jinping at the upcoming G-20 summit after a "very good" talk with his counterpart.

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On Friday, Trump expressed confidence he can reach an end to the ongoing trade war with China, he says the protracted trade negotiations will soon come to a head when the two powers meet.

The US also sued to stop the companies from exporting any products created using the trade secrets to America.

He adds that any deal reached must be "fair".

"Hence the next four weeks between the USA midterm elections and the G20 meeting in Argentina on 30 November will be important to see how things progress".

"At best, the parties are negotiating about negotiating and we are still miles from a deal", Boltansky said.

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 US goods.

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

Chinese President Xi Jinping has instructed his government to boost support for private companies, recognizing that China's economy is facing some serious headwinds.


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