Thursday, 15 November, 2018

China wants to ‘very badly’ strike a trade deal with US

China,Economy,Xi Jinping Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade
Lindsey Cook | 04 November, 2018, 09:54

The two countries have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to put tariffs on the remainder of China's US$500 billion-plus exports to the United States if the disputes can not be resolved.

The head of the White house Donald trump said that he expects to conclude trade deals between the U.S. and China.

Trump has demanded that China improve market access and intellectual property protections for American companies, remove industrial subsidies and cut its massive and chronic trade surplus with the United States.

Given the attitude of the U.S. towards any deal with China, especially the events of May when Trump scrapped an agreement that Treasury Secretary Steven Mnuchin said had put the trade war "on hold", there was already considerable scepticism about the prospects for a meaningful agreement even before Kudlow's remarks.

"The two countries" trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-U.S. trade issue, ' Xi said.

In a tweet following his conversation, Trump indicated the two leaders' talk on the phone had focused on trade and the possibility of announcing major progress at the forthcoming G20 meeting in Argentina. But China very much wants to make a deal, ' he said.

"He wants to do it", Trump said of Xi.

Later, Bloomberg News, citing unnamed sources, reported that the president has requested key cabinet secretaries put together an outline deal to call a ceasefire in the painful row.

In recent months China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.

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However, Wall Street took a dive yesterday, partly in response to a statement by Kudlow pouring cold water on any breakthrough on a US-China agreement.

Tennessee Senator Lamar Alexander told the official the US and China are competitors not adversaries and suggested they can prosper together.

Chinese state media said Trump also expressed support for a conference in Shanghai next week that Xi is using to promote the country as an import destination.

"Those discussions are moving along nicely", Trump wrote on Twitter Thursday.

Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand trade cooperation.

Just this week, the U.S. government struck at the heart of China's ambitions to become a global tech powerhouse by banning American companies from exporting parts and software to a major Chinese state-owned maker of computer chips.

"Given his [Trump's] poor track record on policy credibility in the past year, we'd better not hold out too much hope", Lu said.

Stocks have rebounded to their highest point in three weeks on Friday following the Trump administration's request for a possible trade deal with China.

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