Published: Fri, December 07, 2018
Business | By Eloise Houston

‘BIG leap forward,’ says Donald Trump on US-China relations

‘BIG leap forward,’ says Donald Trump on US-China relations

-European trade tensions focused on vehicle exports and the threat of tariffs.

Chinese officials hailed on Wednesday a "very successful" trade meeting with the USA, just days after President Trump claimed there had been a major breakthrough in negotiations that ended in a new trade deal.

The 90-day truce in the escalating trade war between the US and China came during a dinner meeting between the two presidents following the G-20 summit of the world's industrialized and emerging economies in Buenos Aires.

Trump says he wants to de-escalate trade tensions with China but insists on Beijing addressing long-standing issues such as intellectual property theft, forced technology transfers, and tariffs and nontariff barriers.

China has pledge to implement the changes agreed at trade talks between Presidents Trump and Xi "as soon as possible", but it has not repeated claims from senior figures in the USA that it will happen "immediately", he said.

China, for its part, also agreed to offset its massive trade imbalance with the buying more, but not yet specified amounts, of energy products, agricultural, industrial and other products.

Chinese officials have said they are "confident in implementing" trade commitments made to the USA "as soon as possible", without giving details.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down "as one of the largest deals ever made". Those lower rates suggested that investors expect the US economy to slow, along with global growth, and possibly fall into recession in the coming year or two.

In a commerce ministry statement, Chinese officials called the talks between the two leaders a "great success". The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.

USA stocks got a big lift Monday after the G20 meeting over the weekend cleared up some major uncertainties for investors.

The commerce ministry, in a brief statement on its website, also said China would work to implement specific issues already agreed upon as quickly as possible.

Trump again claimed Tuesday that more tariffs on China would actually help the U.S. He contended that he has made China "pay for the privilege" of raiding "the great wealth of our Nation".

Those remarks were echoed by President Trump himself, . who noted his good personal relationship with his Chinese counterpart Xi Jinping in a tweet on Monday. Failure would raise the spectre of fresh United States tariff action and potential Chinese retaliation as early as March.

President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina. Ultimately, I believe, we will be making a deal - either now or into the future.

"China has agreed to start purchasing agricultural product from our farmers immediately", the White House said after Trump and Xi's meeting. We make the finest and cleanest product in the World, and that is what China wants.

Top Wall Street economists have expressed doubts about the two sides reaching a concrete agreement.

Like this: