Published: Mon, November 19, 2018
World News | By Laverne Osborne

Trump opens door to trade deal with China soon

Trump opens door to trade deal with China soon

It responded to U.S. tariffs with its own protectionist measures and continues its multibillion-dollar One Belt investment program, which is meant to secure additional stable trade routes to its most important suppliers and customers.

Commerce Secretary Wilbur Ross recently suggested that these additional tariffs could go into effect early next year, as he believes China and the U.S. is unlikely to reach a comprehensive trade agreement anytime soon. "Impossible", he said, according to Bloomberg. That's good, he said. "China would like to make a deal". Also missing were any concessions related to what the US has long claimed are state-directed Chinese cyber-attacks on American companies to steal intellectual property, the person said.

Trump is expected to meet Chinese President Xi Jinping on the sidelines of a Group of 20 summit later this month.

"We have to have reciprocal trade", he said.

On Tuesday, US Vice-President Mike Pence said Beijing needed to change its behaviour to avoid a new cold war.

In a statement to reporters at the White House, the president said that Beijing "wants to make a deal" with Washington to resolve the trade dispute, which has led to the mutual levying of tariffs worth billions of dollars.

North Korea hiding missile bases in remote areas
Trump has cast his diplomacy with the elusive thirtysomething leader as evidence of his masterful deal-making. Seoul's gesture comes after the North gave South Korea two tons of pine mushrooms in September .

U.S. stocks jumped following Trump's remarks, but quickly retreated although the benchmark Dow Jones Industrial Average ended the day with a slight increase. "They are not capable of it", said Derek Scissors, a China expert at the American Enterprise Institute, who said the two men lacked experience in hard trade negotiations.

Trump alleged that China has taken advantage of the United States for many, many years.

Two other people familiar with the talks also said the Chinese offer was a sign of what they characterized as constructive discussions between the two sides ahead of the planned meeting between the two leaders. "We will probably get them, too", he said.

Hawks in the administration and some in the US business community also remain concerned that Xi may draw the USA president into a protracted negotiation.

Kudlow shot down his colleague's remarks directly, in what appeared to be an effort to ease tensions over an escalating trade war that Navarro's rhetoric may have further exacerbated.

Meanwhile, Commerce Secretary Ross said top Chinese trade negotiator Liu He would arrive in the U.S. yet again for "some informal talks".

Like this: