President Xi Pushes for Early Conclusion to Talks on Deal
08 April, 2019, 03:31 | Author: Trevor Moore
Beijing is also expected to agree to sharply increase purchases of US goods, putting a dent in America's massive trade deficit with China, which came to a record $379 billion a year ago.
US President Donald Trump touted prospects for an "epic" trade deal with China but acknowledged that a settlement of a year-long commercial conflict remained at least a month away.
However, the deal is coming under fire in the USA media even before it is announced. "We will know in a few weeks".
For his role, Vice Premier Liu He, at the White House, stated he "agreed" and that doing this will be a really "good strategy", according to the English news organization Reuters. "But it looks like it is moving along very nicely". A lot of really good things have been negotiated and agreed to.
U.S. officials demand that any agreement have teeth and say removing tariffs too soon could allow Beijing to backslide on its commitments.
"Both sides do want an agreement but they want to make sure it's the right deal for their respective domestic audience", said Tai Hui, Asia-Pacific chief market strategist at JPMorgan Asset Management in Hong Kong. "I think we have a very good chance of getting there".
U.S. Trade Representative Robert Lighthizer, who is leading the talks for the Trump administration, said there were still some "major, major issues" to resolve and praised Liu's commitment to reform in China. It will be here.
Summit details aside, the meeting, which is reportedly scheduled for 4:30 pm, has been hailed as a sign of movement towards the conclusion of a deal.
"We have a ways to go", the president told reporters. A person familiar with the text said China so far agreed only to contemplate not to retaliate if the USA took action against Beijing, but stopped short of a formal pledge to refrain from counter-punches.
When asked what is coming in the way of the deal, he said "It is enforcement".
China has floated offers to make sizable purchases of U.S. commodities and taken steps to show it will protect foreign intellectual property. "We've discussed it at length", he said.
"We welcome the president's decision not to close the Mexican border", said Neil Bradley, executive vice president at the chamber.
Trump said any trade deal with China was probably still weeks away, although both sides were making progress on an accord that could be "very monumental".
Chinese Vice Premier Liu said that the two countries have made great progress. Trump didn't announce a summit with Xi - a meeting Trump has said is critical to finalising an agreement.
Trump, during his meeting with Liu, floated the idea of following up on a potential trade deal with China with a second phase deal that addressed the issue of military spending and arms production.
"We have noted that President Trump has repeatedly expressed his expectation to meet again with President Xi Jinping", Chinese Foreign Ministry spokesman Geng Shuang said at a regular briefing in Beijing Thursday.
Washington wants the right to keep the 10 per cent tariff it imposed previous year on $US200 billion ($281 billion) of imports into the U.S., and to increase the hit if China fails to deliver without giving Beijing the right to retaliate in turn.
Mr. Liu said Mr. Xi believes that "strategic leadership" was needed for the "healthy, stable development of China-US ties".
Japanese shares and USA equity futures edged up alongside Treasury yields following the remarks out of both China and the U.S. Asian trading volumes were muted, with China and Hong Kong shut for a holiday. While we have seen clear progress in recent months, the last part of the negotiation is expected to be the most hard and drawn out.
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FOX News Channel (FNC) is a 24-hour all-encompassing news service delivering breaking news as well as political and business news. Sanders touts that he's held zero traditional fundraisers and has an average donation of $20 - less than 1% of the $2800 maximum.